2016 Budget – Business Rates Ramifications
11/04/2016
With the Business Rates Revaluation fast approaching, proposed changes to the appeal system and changes to Small Business Relief announced by the Chancellor in the Budget, there has never been a more important time to seek professional advice.
The Budget announced significant changes to the implementation of Small Business Relief. Whilst details have yet to be finalised, the Chancellor announced that the doubling of relief will become permanent and the existing threshold to qualify for 100% relief will increase from the current figure of £6,000 (Rateable Value) to a revised figure of £12,000, with tapered relief available up to a limit of £15,000.
The changes will become effective from 1st April 2017. He also announced that rateable values as high as £51,000 will benefit from the adoption of the lower uniform business rate multiplier, thereby increasing the current limit from a rateable value of £18,000. These changes will entitle thousands of additional small businesses to qualify for the relief.
The Government’s planned radical overhaul of the appeal process makes it more important than ever for businesses to seek advice from an experienced rating advisor from the outset. If you should require further advice, please do not hesitate to contact us.
We had been tracking Selco’s south coast requirements for a considerable period, with the extreme shortage of good quality industrial accommodation available on the M27 Corridor we believed Optima would be a logical fit. It provides them with a prominent, modern warehouse with excellent access to surrounding area and motorway network.
Our Offices
Fareham Office
Hellier Langston
Ground Floor
E1 Fareham Heights
Standard Way
Fareham
Hampshire
PO16 8XT
Southampton Office
Hellier Langston
Enterprise House
Ocean Village
Southampton
SO14 3XB