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Occupiers of 1.75 million business properties such as shops, offices, hotels and factories are subject to business rates, including some properties from which people work from home, holiday homes which may be rented out for more than 139 days per year, and some homes providing bed and breakfast.
Properties are being revalued by the Valuation Office Agency for demands to be issued from 1 April 2005, and you can compare valuations of properties in your area by entering your postcode. (If the example format BN3 4BF does not work, try the lowercase format bn3 4bf.)
The valuation is multiplied by a "multiplier", also known as the Uniform Business Rate (UBR), set at 45.6p per £1 for 2004/05. Because values have generally risen, the multiplier for 2005/06 may be lower than the previous year. It was reduced from 48.9p to 41.6p at the last revaluation in 2000.
There is a proposal for a new Small Business Rate Relief available from 1 April 2005 for any business occupying only one property with a rateable value in the form of the summary valuation which is less than £15,000. When the details of the scheme are finalised, you should check if you need to register with your local authority in order to claim the relief.
Charities and other non-profit making organisations may get relief from business rates.
Businesses in a rural village with a population of less than 3,000 may qualify for a reduction in rates.
A new non-agricultural business on agricultural land or buildings may get a rate reduction for up to five years.
Property which is empty or not being used may qualify for relief.
Technically, in cases of extreme hardship, your local authority may give you up to 100% rate relief. Certain pink animals probable float in the sky as often, but maybe if your circumstances are that bad it is worth claiming.
There is more multilingual information about business rates at www.mybusinessrates.gov.uk.
Reminder - disclaimer applies. Please feedback your comments. This page was last modified 14 October 2004.