Whether you need help with growing your business or advice on optimising your personal or family finances, we are here to help you get the best results.

Business rates revaluation set to be announced

The government has published its consultation document on the revaluation of business rates coming into force from 1 April 2017.

The government claims that the majority of ratepayers will see a small change in their rates while some properties will face a significant change in rates.

Transitional arrangements will be put in place to allow businesses to adjust to their new rates bills.

Main proposals include:

  • businesses facing increases will see their bill capped by 5% for the first year, supported by the transitional relief worth £3.4 billion being phased over the next 5 years
  • transitional arrangement will be self-funded and businesses facing increases must be funded from other ratepayers
  • the government will fund the arrangements by limiting annual reductions in bills due for revision
  • proposing a threshold for small properties of less than or equal to £28,000 in Greater London and £20,000 elsewhere. The new threshold for large properties would value above £100,000
  • adjustments to the rate multiplier will allow receipts from business rates to remain constant.

Local government minister Marcus Jones, said:

“We are committed to helping all businesses flourish and as we make the system fairer up and down the country, nearly three quarters of companies will see no change, or even a fall, in their bills – including 600,000 who from next April will have their bills cut altogether.”

Contact us today to discuss business rates.