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Small Business Rate Relief

On 1 April 2005, the Government introduced a Small Business Rate Relief Scheme (SBRR). Under this scheme the Government set two multipliers each year to calculate the business rate liability based on the rateable value of each property. A higher multiplier was set for businesses who do not qualify for small business rate relief. A lower multiplier was set for businesses who qualify. The multipliers for 2014/15 are £0.482 and £0.471.

 

Ratepayers who are not entitled to another mandatory relief or are liable for unoccupied property rates and occupy a property with a rateable value which does not exceed £17,999 will have their bill calculated using the lower small business non-domestic rating multiplier, rather than the national non-domestic rating multiplier.

 

In addition, generally, if the sole or main property is shown on the rating list with a rateable value which does not exceed £12,000, the ratepayer will receive a percentage reduction in their rates bill for this property of up to a maximum of 50% for a property with a rateable value of not more than £6,000. However, until 31 March 2015 the Government has doubled the usual level of relief. This percentage reduction (relief) is only available to ratepayers who occupy either:

 

  • One property, or
  • One main property and other additional properties providing those additional properties each have a rateable value which does not exceed £2,599.

 

The rateable value of the property mentioned in (1), or the aggregate rateable value of all the properties mentioned in (2), must not exceed £17,999 on each day for which relief is being sought. If the rateable value, or aggregate rateable value, increases above those levels, relief will cease from the day of the increase.

 

An application for Small Business Rate Relief is not required. Where a ratepayer meets the eligibility criteria and has not received the relief they should contact the business rate section on 01992 785504. Provided the ratepayer continues to satisfy the conditions for relief which apply at the relevant time as regards the property and the ratepayer, they will automatically continue to receive relief in each new valuation period. 

 

Certain changes in circumstances will need to be notified to the Council by a ratepayer who is in receipt of relief (other changes will be picked up by the Council). The changes which should be notified are:

  • The ratepayer taking up occupation of an additional property, and
  • An increase in the rateable value of a property occupied by the ratepayer in an area other than the area of the local authority which granted the relief.

 

From 1 April 2014, when a business takes on an additional property which would have previously disqualified them from receiving small business rate relief, they will now continue to receive their existing relief for a further 12 months.  

 

Please contact the business rates section on 01992 785504 to ensure you maximise the relief you are entitled to.