Every non-domestic property has a Rateable Value which is fixed by the Valuation Office Agency. The rateable value represents the annual rental value of the property as at 1st April 2008.
The Valuation Office Agency’s website can be visited on www.voa.gov.uk
Each year, the Government sets a national non-domestic Multiplier which is known as the rate in the pound. The rateable value is then multiplied by the rate in the pound to produce the annual amount payable for the property. The multiplier cannot rise by more than the amount of the increase in the retail prices index.
Small business rates relief (mandatory)
There are several ‘exemptions’ which apply to business rates, including Small Business Rate Relief Scheme. This is available for occupiers of businesses with a rateable value of less than £15,000 (subject to qualification).
Over 1,000 businesses within East Hampshire are currently claiming the relief, however we believe that there are still businesses that could take advantage of the scheme.