This is important news that could benefit your business. The Government is introducing a temporary increase in the level of Small Business Rate Relief (SBRR) available to eligible businesses. These changes will come into effect in October 2010.
The Government will temporarily increase the level of SBRR so that eligible ratepayers will pay no rates on properties with rateable values up to £6,000, with a tapered relief between 100% and 0% for properties with rateable values between £6,001 and £12,000. The new levels of relief will be available for 12 months from 1 October 2010 to 30 September 2011.
There are no other adjustments to the scheme, the eligibility criteria remain the same. The Government has confirmed that it will meet the costs of the increased levels of relief. Those businesses that do not fall within the eligibility criteria of the scheme will see no change in their bills.
The Government is making this change to the SBRR scheme to provide help with the fixed costs of starting and running a small business as the economy starts growing again.
You do not need to take any action. Until you are told otherwise by your billing authority, you must continue to keep paying your current business rates bill. Current collection and enforcement procedures will continue to apply to ratepayers who miss a scheduled instalment.
The Government is preparing the necessary legislation to give effect to the proposals announced at the Budget. Once the legislation is in place, your local authority will need to adjust the business rates payable by all businesses that meet the criteria for SBRR and that occupy properties within the rateable value thresholds set out in the revised scheme. If amendments need to be made, they will issue revised bills. They will contact affected ratepayers about this at the appropriate time.