The March 2016 Budget delivered good news to SMEs regarding the future small business relief for Business Rates.
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What are business rates
Business Rates (also known as National Non-Domestic Rates) are a tax on business properties. The tax is set by the government and business rates collected by local authorities are the way that those who occupy non-domestic property contribute towards the cost of local services. Your local council will send you a business rates bill in February or March each year.
Non-domestic properties include:
- holiday rental homes or guest houses
You’ll probably have to pay business rates if you use a building or part of a building for non-domestic purposes.
- farm buildings and land (excluding buildings used as offices or for other business activities)
- fish farms
- places of public religious worship, eg registered buildings and church halls (except in Scotland – you apply for relief for these buildings instead of being exempt)
- buildings used for training or welfare of disabled people (except in Scotland – you apply for relief for these buildings instead of being exempt)
What is changing
Our Managing Director Nicky Goringe Larkin was interviewed on BBC Radio Oxfordshire representing the Federation of Small Businesses (FSB) on the topic. Below is the radio piece: