Up to £1000 off business rates for retailers and 50% relief for occupying an empty shop
18th May 2014
... Comments

Many retailers in properties with a rateable value of £50,000 or less can claim up to £1000 discount for each of the next two years. Eligible businesses can apply using our simple online form now. Those moving into a long term empty shop may also benefit from a 50% discount for 18 months.

It isn’t every day that you’re informed you can get a major discount on your business rates, yet that is now the case for many retailers. The Government is giving funding to local authorities so that we can provide a discount of up to £1,000 to all occupied retail properties with a rateable value of £50,000 or less in each of the years 2014-15 and 2015-16.  The discounts are available from 1 April this year.

Eligible properties are those wholly or mainly being used as shops, restaurants, cafes and drinking establishments. Even better, ratepayers that occupy more than one property will be entitled to relief for each of their eligible properties.

Properties which are occupied but not wholly or mainly used for these purposes will unfortunately not qualify for the discount.  

To read more and apply for this rate relief – and to check out the other Business Rates relief, see our Business Rates web page.

The Government is also giving funding to local authorities to provide a 50% discount for 18 months for businesses that move into former retail premises between 1 April 2014 and 31 March 2016. The discount is discretionary and the property must have been empty for 12 months or more to qualify. Read more on our Business Rates web page.

Business Rates are set by central Government and collected by local authorities.  Since last year the Council pays 50% of money collected over to Central Government, 20% to the Greater London Authority and retains 30% for use on local services.  About 16% of the Council’s non-schools budget comes from Business Rates.

About the Author

Nick T

Member since: 10th July 2012

I launched The Best of Richmond in 2005 and am passionate about supporting all things local. In particular, we work hard to showcase the best local businesses who give the borough its character and make...

Popular Categories