Loughborough BID Business Support Business Rates Re-Valuation and Rate Reliefs 2023 FAQ’s

Loughborough BID Business Support

Business Rates Re-Valuation and Rate Reliefs 2023

FAQ’s

 

Has my Rateable Value (RV) changed?

 

The Valuation Office Agency (VOA) has revaluated all non-domestic properties based on the property rental values at 1st April 2021.

This will effect the amount you pay in Business Rates and BID Levy from 1st April 2023

You can check your new property valuation on the VOA website: https://www.gov.uk/find-business-rates

 

What can you do if you think your RV is too high or wrong?

From 1st April 2023, you will need to use a Business Rates Valuation account to tell the VOA you think the rateable value is too high. You can lodge an appeal with the Valuation Office Agency via the UK Government’s website, but in the meantime you will need to pay the amount shown on your bill.

Are there any rate relief schemes or discounts available?

1. Small Business Rates Relief (SBRR). You can get small business rate relief if:

  • your property’s rateable value is less than £15,000
  • your business only uses one property – you may still be able to get relief if you use more

What discount you get:

  • 100% discount on a property with a rateable value of £12,000 or less. (You will not pay business rates but still pay BID Levy)
  • For properties with a rateable value of £12,001 to £15,000, the rate of relief will go down gradually from 100% to 0%. (You will still pay BID Levy)

E.G. If your rateable value is £13,500, you’ll get 50% off your bill. If your rateable value is £14,000, you’ll get 33% off.

 

2.  2023/24 Retail, Hospitality and Leisure Scheme.

This scheme will provide eligible, occupied, retail, hospitality and leisure properties with a 75% relief, up to a cash cap limit of £110,000 per business.

  • This is a temporary scheme for 2023/24 only
  • To find out if you are eligible visit the .GOV website here

3. 2023/24 Supporting Small Business Scheme.

Those businesses losing Small Business Rate Relief as a result of an increase to their valuation would benefit from the Supporting Small Business Scheme. This would ensure their rate bill did not increase by more than £600.

When will the 2023/24 bills be sent?

  • The majority of the NNDR (Business rates) bills will be posted on Friday 3rd March 2023 (*with exception to those businesses whose RV’s have increased and altered their SBRR)
  • All BID levy bills will be posted on Friday 3rd March

What actions should I take prior to 1st April 2023

Further information on your Business Rates can be found at https://www.charnwood.gov.uk/pages/business_rates_explained

If you need any further support please do not hesitate to call the Rates Office on 01509 634831 or contact the BID Team at lisa@loveloughborough.co.uk

 

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