A 25% reduction for smaller retail premises, including shops, public houses, restaurants and petrol stations, with a rateable
value between pounds 6,501 and pounds 9,000 - reducing their annual bill by between pounds 757 and pounds 1,049;
The advice comes following the governments announcement on Valuation Office Agency (VOA) figures indicating that up to 60 per cent of businesses in England could see a reduction in their relative rateable
values next year.
values - based on the property's annual rental value at April 1 2003 - will be put on all commercial properties on April 1 2005.
Analysis by CVS found that 11,204 nurseries and play schools had rateable
value of PS183.
Contract Notice: The client wishes to ensure that the rateable
value of its properties is applicable and relevant and considered fair and reasonable.
The VOA has unveiled the draft results of its first review of rateable
values since 2008, prior to the economic crash.
Shops included in the BID process are those retailers with a rateable
value of PS5,000 and over with a levy of 1.
This is a change to the current system whereby local authorities retain only 50 per cent of new rateable
value, with the remainder pooled and redistributed by central Government.
BUSINESS rates are calculated by multiplying the rateable
value of a property by the multiplier - a figure set by central government.
This includes the 2% inflation cap; the Small Business Rate Relief scheme doubled for a further year, providing 100% relief for businesses with a single property with a rateable
value of less than GBP6,000, and tapered relief with a rateable
value of GBP6,000 - GBP12,000; the business rates discount for shops, pubs, cafes and restaurants with a rateable
value of GBP50k or below increased from GBP1,000 to GBP1,500; the cultural test for high-end TV tax relief has been modernised and the minimum UK expenditure requirement for all TV tax reliefs has reduced from 25% to 10%; a new tax relief on the production of children's television has been introduced; and the amount of banks' annual profit that can be offset by carried forward losses has been restricted to 50%.
In addition, the polarisation between prime and secondary commercial space will see an overall shortfall in the overall rateable
value pool, which will force the government to significantly increase the Uniform Business Rate (UBR) - potentially above 60p.
Property expert GVA is advising property owners in the region to check the rateable
values on their premises to cash in on substantial savings.