The current scheme provides complete relief for businesses with a rateable
value up to PS6,000 and is tapered up to PS12,000.
Here in the Midlands, for instance, we would have seen a fall of at least 20 per cent in rateable
values for industrial properties, based on deals done in 2013.
From October 1, additional relief is available for small businesses with a rateable
value of up to pounds 12,000.
Simply put, a small business in Wales with a rateable
value of pounds 6,000 would pay a bill 50% higher than in England.
CAUTION: Businesses are warned over rateable
These new rateable
values are based on the rental value of properties on 1 April 2015, and will be used to calculate business rate bills from 1 April 2017.
Instructing a Chartered Surveyor to check your rateable
value and historic business rates payments is both prudent and sensible to ensure that this cost to business is mitigated.
The Valuation Office Agency (VOA), which works out the rateable
values of all non-domestic properties for business rates liability, is urging business owners to check that their details are correct and contact the VOA if they have any concerns.
If empty property rates were to be abolished for premises with a rateable
value of less than pounds 18,000 on a permanent basis, we are confident that a new generation of business centres will emerge.
Before contesting the decision of the VOA, it is important to fully understand how rateable
values are calculated and what factors effect them.
Four or five people living in a home with a low rateable
value are likely to have to pay more.
The Party of Wales has pledged to scrap business rates for all enterprises with a rateable
value of under PS10,000 relief with those between PS10,000 and PS15,000 also seeing their bills reduced.