Q What are business rates?
Business rates are charged on most non-domestic (commercial) properties. According to recent research, this is the 4th highest expenditure for businesses in the UK and is an annual contribution to the cost of services provided by local authorities and the emergency services.
Your rates bill is an annual multiplier against your property's rateable value (RV).
Q What is property's rateable value (RV)?
The rateable value is assessed by the Valuation Office Agency (VOA), which is an agency of HM Revenue and Customs. A property's rateable value is an assessment of the annual rent of the rented property, if it were available to let on the open market at a fixed valuation date.
Q What is transitional relief?
If there is a large increase or decrease in the RV of your property following the revaluation, the increase or decrease in the bill will be phased in over a number of years. The rate bill will increase or reduce by a fixed percentage, plus inflation, each year. For further details, please contact us.
Q Why do I have to pay Business Rates?
Business Rates are a local tax that is paid by the occupiers of all commercial properties, in the same way that council tax is a tax on domestic property. Under the business rates retention arrangements introduced from 1 April 2013, Councils keep a proportion of the business rates paid locally. This money, together with revenue from council tax payers, revenue support grant provided by the Government and other sums, is used to pay for the services provided by your local authority and other local authorities in your area such as the Police and Fire Service.
Q Why is my neighbour's business rates bill is different?
The rateable value of a property reflects the annual open market rent that could have been obtained for the property at a fixed valuation date. If the rental assessment is different from a neighbouring premises, then your business rates may also be different.
Q I have moved out of the property, do I have to tell the Council?
Yes. You must notify the council with the following: the date you moved out of the premises, the date the premises were sold or the lease expired, your forwarding address for correspondence and details of the new owner or leaseholder.
Q What happens if I do not pay or I am late with my instalments?
As soon as a payment is missed a reminder will be issued. Failure to bring the payment up to date will result in the facility to pay by instalments being withdrawn. The rest of the years charge will have to be paid in one lump sum. If you receive a Magistrates Court Summons because you have not paid your business rates, the cost of issuing the summons will be added to your account. After this a Liability Order will be requested at the magistrates court and further costs will be added to your account. If payment is not received and you have not contacted us to make a payment arrangement, then we may ask an Enforcement Agent to collect the debt on our behalf. You will have to pay further costs if this happens and the Enforcement Agent may take some of your company's or your possessions to sell at public auction to pay off your debt.
This is very serious, so we advise to remember this information in order to avoid any negative experience.
Your rates bill is an annual multiplier against your property's rateable value (RV).
Q What is property's rateable value (RV)?
The rateable value is assessed by the Valuation Office Agency (VOA), which is an agency of HM Revenue and Customs. A property's rateable value is an assessment of the annual rent of the rented property, if it were available to let on the open market at a fixed valuation date.
Q What is transitional relief?
If there is a large increase or decrease in the RV of your property following the revaluation, the increase or decrease in the bill will be phased in over a number of years. The rate bill will increase or reduce by a fixed percentage, plus inflation, each year. For further details, please contact us.
Q Why do I have to pay Business Rates?
Business Rates are a local tax that is paid by the occupiers of all commercial properties, in the same way that council tax is a tax on domestic property. Under the business rates retention arrangements introduced from 1 April 2013, Councils keep a proportion of the business rates paid locally. This money, together with revenue from council tax payers, revenue support grant provided by the Government and other sums, is used to pay for the services provided by your local authority and other local authorities in your area such as the Police and Fire Service.
Q Why is my neighbour's business rates bill is different?
The rateable value of a property reflects the annual open market rent that could have been obtained for the property at a fixed valuation date. If the rental assessment is different from a neighbouring premises, then your business rates may also be different.
Q I have moved out of the property, do I have to tell the Council?
Yes. You must notify the council with the following: the date you moved out of the premises, the date the premises were sold or the lease expired, your forwarding address for correspondence and details of the new owner or leaseholder.
Q What happens if I do not pay or I am late with my instalments?
As soon as a payment is missed a reminder will be issued. Failure to bring the payment up to date will result in the facility to pay by instalments being withdrawn. The rest of the years charge will have to be paid in one lump sum. If you receive a Magistrates Court Summons because you have not paid your business rates, the cost of issuing the summons will be added to your account. After this a Liability Order will be requested at the magistrates court and further costs will be added to your account. If payment is not received and you have not contacted us to make a payment arrangement, then we may ask an Enforcement Agent to collect the debt on our behalf. You will have to pay further costs if this happens and the Enforcement Agent may take some of your company's or your possessions to sell at public auction to pay off your debt.
This is very serious, so we advise to remember this information in order to avoid any negative experience.
Q What is transitional relief?
If there is a large increase or decrease in the RV of your property following the revaluation, the increase or decrease in the bill will be phased in over a number of years. The rate bill will increase or reduce by a fixed percentage, plus inflation, each year. For further details, please contact us.
Q Why do I have to pay Business Rates?
Business Rates are a local tax that is paid by the occupiers of all commercial properties, in the same way that council tax is a tax on domestic property. Under the business rates retention arrangements introduced from 1 April 2013, Councils keep a proportion of the business rates paid locally. This money, together with revenue from council tax payers, revenue support grant provided by the Government and other sums, is used to pay for the services provided by your local authority and other local authorities in your area such as the Police and Fire Service.
Q Why is my neighbour's business rates bill is different?
The rateable value of a property reflects the annual open market rent that could have been obtained for the property at a fixed valuation date. If the rental assessment is different from a neighbouring premises, then your business rates may also be different.
Q I have moved out of the property, do I have to tell the Council?
Yes. You must notify the council with the following: the date you moved out of the premises, the date the premises were sold or the lease expired, your forwarding address for correspondence and details of the new owner or leaseholder.
Q What happens if I do not pay or I am late with my instalments?
As soon as a payment is missed a reminder will be issued. Failure to bring the payment up to date will result in the facility to pay by instalments being withdrawn. The rest of the years charge will have to be paid in one lump sum. If you receive a Magistrates Court Summons because you have not paid your business rates, the cost of issuing the summons will be added to your account. After this a Liability Order will be requested at the magistrates court and further costs will be added to your account. If payment is not received and you have not contacted us to make a payment arrangement, then we may ask an Enforcement Agent to collect the debt on our behalf. You will have to pay further costs if this happens and the Enforcement Agent may take some of your company's or your possessions to sell at public auction to pay off your debt.
This is very serious, so we advise to remember this information in order to avoid any negative experience.
Q Why do I have to pay Business Rates?
Business Rates are a local tax that is paid by the occupiers of all commercial properties, in the same way that council tax is a tax on domestic property. Under the business rates retention arrangements introduced from 1 April 2013, Councils keep a proportion of the business rates paid locally. This money, together with revenue from council tax payers, revenue support grant provided by the Government and other sums, is used to pay for the services provided by your local authority and other local authorities in your area such as the Police and Fire Service.
Q Why is my neighbour's business rates bill is different?
The rateable value of a property reflects the annual open market rent that could have been obtained for the property at a fixed valuation date. If the rental assessment is different from a neighbouring premises, then your business rates may also be different.
Q I have moved out of the property, do I have to tell the Council?
Yes. You must notify the council with the following: the date you moved out of the premises, the date the premises were sold or the lease expired, your forwarding address for correspondence and details of the new owner or leaseholder.
Q What happens if I do not pay or I am late with my instalments?
As soon as a payment is missed a reminder will be issued. Failure to bring the payment up to date will result in the facility to pay by instalments being withdrawn. The rest of the years charge will have to be paid in one lump sum. If you receive a Magistrates Court Summons because you have not paid your business rates, the cost of issuing the summons will be added to your account. After this a Liability Order will be requested at the magistrates court and further costs will be added to your account. If payment is not received and you have not contacted us to make a payment arrangement, then we may ask an Enforcement Agent to collect the debt on our behalf. You will have to pay further costs if this happens and the Enforcement Agent may take some of your company's or your possessions to sell at public auction to pay off your debt.
This is very serious, so we advise to remember this information in order to avoid any negative experience.
Q Why is my neighbour's business rates bill is different?
The rateable value of a property reflects the annual open market rent that could have been obtained for the property at a fixed valuation date. If the rental assessment is different from a neighbouring premises, then your business rates may also be different.
Q I have moved out of the property, do I have to tell the Council?
Yes. You must notify the council with the following: the date you moved out of the premises, the date the premises were sold or the lease expired, your forwarding address for correspondence and details of the new owner or leaseholder.
Q What happens if I do not pay or I am late with my instalments?
As soon as a payment is missed a reminder will be issued. Failure to bring the payment up to date will result in the facility to pay by instalments being withdrawn. The rest of the years charge will have to be paid in one lump sum. If you receive a Magistrates Court Summons because you have not paid your business rates, the cost of issuing the summons will be added to your account. After this a Liability Order will be requested at the magistrates court and further costs will be added to your account. If payment is not received and you have not contacted us to make a payment arrangement, then we may ask an Enforcement Agent to collect the debt on our behalf. You will have to pay further costs if this happens and the Enforcement Agent may take some of your company's or your possessions to sell at public auction to pay off your debt.
This is very serious, so we advise to remember this information in order to avoid any negative experience.
Q I have moved out of the property, do I have to tell the Council?
Yes. You must notify the council with the following: the date you moved out of the premises, the date the premises were sold or the lease expired, your forwarding address for correspondence and details of the new owner or leaseholder.
Q What happens if I do not pay or I am late with my instalments?
As soon as a payment is missed a reminder will be issued. Failure to bring the payment up to date will result in the facility to pay by instalments being withdrawn. The rest of the years charge will have to be paid in one lump sum. If you receive a Magistrates Court Summons because you have not paid your business rates, the cost of issuing the summons will be added to your account. After this a Liability Order will be requested at the magistrates court and further costs will be added to your account. If payment is not received and you have not contacted us to make a payment arrangement, then we may ask an Enforcement Agent to collect the debt on our behalf. You will have to pay further costs if this happens and the Enforcement Agent may take some of your company's or your possessions to sell at public auction to pay off your debt.
This is very serious, so we advise to remember this information in order to avoid any negative experience.
Q What happens if I do not pay or I am late with my instalments?
As soon as a payment is missed a reminder will be issued. Failure to bring the payment up to date will result in the facility to pay by instalments being withdrawn. The rest of the years charge will have to be paid in one lump sum. If you receive a Magistrates Court Summons because you have not paid your business rates, the cost of issuing the summons will be added to your account. After this a Liability Order will be requested at the magistrates court and further costs will be added to your account. If payment is not received and you have not contacted us to make a payment arrangement, then we may ask an Enforcement Agent to collect the debt on our behalf. You will have to pay further costs if this happens and the Enforcement Agent may take some of your company's or your possessions to sell at public auction to pay off your debt.
This is very serious, so we advise to remember this information in order to avoid any negative experience.
This is very serious, so we advise to remember this information in order to avoid any negative experience.
For more information visit our website blog. We conduct a weekly research and discuss some up-to-date cases regarding business rates.
https://www.commercialpropertyadvisors.co.uk/blog-1
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