Business Rates Relief & Exemptions Consultancy

Gerald Eve Leaders in Business Rates

Business Rates Relief & Exemptions Consultancy

The property tax system is notoriously complicated; Keeping abreast of the many business rates relief schemes, exemptions, supplements and surcharges can be extremely difficult. Gerald Eve are on hand with expert advice and support for eligible property owners.

Business rates relief schemes vary across Scotland, Wales, Ireland and England. Local councils are responsible for handling relief applications and assessing whether or not properties are eligible for the discount. In some areas, local councils offer additional rates relief opportunities for limited periods of time.

Our role as business rates specialists is to help you navigate this often overwhelming area of tax, and to ensure that you take full advantage of any discounts available to you. We can keep you on informed of new opportunities and can create strategies for meeting or appealing new property tax costs.

There are a number of types of relief which ratepayers must apply for in order to be considered. These include:

  • Small business rates relief
  • Enterprise zone relief
  • Rural rate relief
  • Charitable rate relief
  • Exemptions and empty buildings relief, on the other hand, are often automatically applied by local councils. We offer a specialised service for empty property rates mitigation and management to qualifying ratepayers.

For information on how Gerald Eve can help with the management of your business rates, call us today on 0845 1288 952 or send an email to one of rating system experts at rating@geraldeve.com

Summary of rates relief changes across the UK

England:

  • Small business rates relief has been extended for the tax year 2016/17
    The City of London have increased their Supplement from 0.4p to 0.5p for 2016/17
  • Small business rates relief exemption threshold is set to double to a rateable value of over £12,000 with tapering relief to £15,000 for 2017/18
  • The threshold for small business rates multiplier for 2017/18 will be a rateable value of £51,000

Scotland:

  • The small business bonus scheme will be extended for the tax year 2016/17
  • The criteria businesses must meet to qualify for renewable energy relief has changed
  • Empty rate exemptions and relief schemes have changed

Wales:

  • Small business rates relief has been extended for the tax year 2016/17
  • The retail relief scheme has been extended for 2016/17

Transitional Relief Advice from Gerald Eve

For many ratepayers, particularly those outside of central city locations, the change in their business rate bills will only be small. For some property owners however, the 2017 rates revaluation will see their bills increase significantly. If your business is in the latter group, you may be able to receive ‘transitional relief’. This means that your tax costs will change gradually, enabling companies to prepare and adjust to their new rates.

Transitional relief schemes will see individual’s annual business rates bills capped at a set percentage, setting limits for how much rates can increase or decrease within the year. As with the transitional arrangements in the 2010 revaluation, the caps on increases and reductions will be calculated prior to the large business supplements and London supplements

Changes to your property tax bill which occur as a result of reasons outside of the revaluation (such as changes to the property or to the amount of small business rate relief) are not covered by the transitional arrangements.

If you have yet to challenge your current rating assessment or are in need of advice, contact one of our business rates relief experts before April 1st.