In the 2010 Budget, the Government has released plans to help with the fixed costs of starting and running a small business, by increasing the level of small business rate relief, so that eligible small businesses occupying properties with Rateable Values up to £6,000 will pay no business rates for one year from October 2010.
Simon Patrick, Head of Commercial Property Services at Robinson & Hall, says that “at a time where small businesses are still struggling this is a very welcome relief, however it will only assist the few businesses under the £6,000 Rateable Value threshold”.
Simon continues that some Landlords with vacant property can further breath a sigh of relief as the Chancellor also confirmed that the threshold for the exemption from the payment of empty property rates for the rate year 2010/11 would be extended to £18,000, meaning an estimated 70% of empty properties will pay no empty rates.
If you would like to discuss any matter relating to your business rates or any other commercial property matter, please contact Simon Patrick on 01234 362921.