RATES 2005 REVALUATION
Most of your property expenses are covered by our monthly licence fee but this excludes business rates. The reason for this is to enable you to take advantage of the Small Business Rate Relief Scheme 2005.
With effect from 1st April 2005 businesses occupying premises with a new rateable value of £9,999 pa or less will qualify for a reduction in the cost of rates. Anyone occupying premises with a rateable value of £4,999 or less is able to claim relief of 50%. Properties between £5000 RV and £9,999 obtain a diminishing reduction as shown in the table below.
This saving is paid for by imposing a surcharge on other rate payers in large premises so that the total revenue received by central government remains unchanged. As a further concession owners of medium sized premises with a rateable value between £10k and £14,999 can obtain exception from the surcharge if they claim the relief.
On our joint behalf but at our cost, we have employed a rating expert to advise on all the new assessments. This expert is Mr Richard Bailie of Matthews & Goodman,
23 Ironmonger Lane, London, EC2V 8EY.
If you would like further information on any aspect of this please look at www.local.odpm.gov.uk/finance/busrats/smlbusrelief.pdf or contact Richard on
rbailie@matthews-goodman.co.uk.
Rateable Value
0 - £5,000 Relief up to 50%
£5,001 - £9,999 Diminishing R.V. reduction
£10,000 - £14,999 Possible to obtain exception from surcharge
The rate in the £ for 2008/9 is 46.2p and so the available reliefs represent a significant saving.
