Business rates

[nixnewcastle]

Hey fellow geeks. Just a quick question about business rates:

Does anyone know how long they are exempt for?

I've seen a fab property and rent wise it's fantastic but rates wise it doubles the cost which is what worries me. Advise anyone?

 

[joe90]

Hey fellow geeks. Just a quick question about business rates:

Does anyone know how long they are exempt for?

I've seen a fab property and rent wise it's fantastic but rates wise it doubles the cost which is what worries me. Advise anyone?

Ring your local council and tell them you are interested in "X" property. The cost you have got will probably be the rateable value and not the rates payable and your local council will tell you exactly what is payable.

I don't know if it is the same for all councils but where I am anything under a rateable value of £5000 does not have to pay council tax until 2014 when rates will be reviewed again.

If you do have to pay some council tax you can still ask for small business rates relief.

 

[nixnewcastle]

Thanks for that. That's cleared things up massively for me x