{"id":2428,"date":"2023-02-27T20:13:33","date_gmt":"2023-02-27T20:13:33","guid":{"rendered":"https:\/\/loveloughborough.co.uk\/love-bid\/?p=2428"},"modified":"2024-07-24T10:17:32","modified_gmt":"2024-07-24T10:17:32","slug":"loughborough-bid-business-support-business-rates-re-valuation-and-rate-reliefs-2023-faqs","status":"publish","type":"post","link":"https:\/\/loveloughborough.co.uk\/love-bid\/loughborough-bid-business-support-business-rates-re-valuation-and-rate-reliefs-2023-faqs\/","title":{"rendered":"Loughborough BID Business Support  Business Rates Re-Valuation and Rate Reliefs 2023  FAQ\u2019s"},"content":{"rendered":"<p><strong>Loughborough BID Business Support<\/strong><\/p>\n<p><strong>Business Rates Re-Valuation and Rate Reliefs 2023<\/strong><\/p>\n<p><strong>FAQ\u2019s<\/strong><\/p>\n<p>&nbsp;<\/p>\n<p><strong>Has my Rateable Value (RV) changed?<\/strong><\/p>\n<p>&nbsp;<\/p>\n<p>The Valuation Office Agency (VOA) has revaluated all non-domestic properties based on the property rental values at 1<sup>st<\/sup> April 2021.<\/p>\n<p>This will effect the amount you pay in Business Rates and BID Levy from 1<sup>st<\/sup> April 2023<\/p>\n<p>You can check your new property valuation on the VOA website: <a href=\"https:\/\/www.gov.uk\/find-business-rates\">https:\/\/www.gov.uk\/find-business-rates<\/a><\/p>\n<p>&nbsp;<\/p>\n<p><strong>What can you do if you think your RV is too high or wrong?<\/strong><\/p>\n<p>From 1<sup>st<\/sup> 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\u00a0<a href=\"https:\/\/www.gov.uk\/government\/organisations\/valuation-office-agency\">Valuation Office Agency<\/a>\u00a0via the UK Government&#8217;s website,\u00a0but in the meantime you will need to pay the amount shown on your bill.<\/p>\n<ul>\n<li><a href=\"https:\/\/www.gov.uk\/business-rates-valuation-account\">Sign in or register for a business rates valuation account <\/a>in readiness for 1 April 2023.<\/li>\n<li><a href=\"https:\/\/www.gov.uk\/government\/collections\/check-and-challenge-step-by-step\">How to use a business rates valuation account<\/a><\/li>\n<li><\/li>\n<\/ul>\n<p><strong>Are there any rate relief schemes or discounts available?<\/strong><\/p>\n<p><strong>1. Small Business Rates Relief (SBRR). You can get small business rate relief if:<\/strong><\/p>\n<ul>\n<li>your property\u2019s\u00a0<a href=\"https:\/\/www.gov.uk\/introduction-to-business-rates\/how-your-rates-are-calculated\">rateable value <\/a>is less than \u00a315,000<\/li>\n<li>your business only uses one property &#8211; you may still be able to get relief if you use more<\/li>\n<\/ul>\n<p>What discount you get:<\/p>\n<ul>\n<li>100% discount on a property with a rateable value of \u00a312,000 or less. (You will not pay business rates but still pay BID Levy)<\/li>\n<li>For properties with a rateable value of \u00a312,001 to \u00a315,000, the rate of relief will go down gradually from 100% to 0%. (You will still pay BID Levy)<\/li>\n<\/ul>\n<p>E.G. If your rateable value is \u00a313,500, you\u2019ll get 50% off your bill. If your rateable value is \u00a314,000, you\u2019ll get 33% off.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>2.\u00a0 2023\/24 Retail, Hospitality and Leisure Scheme.<\/strong><\/p>\n<p><strong>This scheme will provide eligible, occupied, retail, hospitality and leisure properties with a 75% relief, up to a cash cap limit of \u00a3110,000 per business.<\/strong><\/p>\n<ul>\n<li>This is a temporary scheme for 2023\/24 only<\/li>\n<li>To find out if you are eligible visit the .GOV website <a href=\"https:\/\/www.gov.uk\/government\/publications\/business-rates-relief-202324-retail-hospitality-and-leisure-scheme-local-authority-guidance\/business-rates-relief-202324-retail-hospitality-and-leisure-scheme#part-2-eligibility-for-the-retail-hospitality-and-leisure-relief-scheme\">here<\/a><\/li>\n<\/ul>\n<p><strong>3. 2023\/24 Supporting Small Business Scheme.<\/strong><\/p>\n<p>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 \u00a3600.<\/p>\n<p><strong>When will the 2023\/24 bills be sent?<\/strong><\/p>\n<ul>\n<li>The majority of the NNDR (Business rates) bills will be posted on Friday 3<sup>rd<\/sup> March 2023 (*with exception to those businesses whose RV\u2019s have increased and altered their SBRR)<\/li>\n<li>All BID levy bills will be posted on Friday 3<sup>rd<\/sup> March<\/li>\n<\/ul>\n<p><strong>What actions should I take prior to 1<sup>st<\/sup> April 2023<\/strong><\/p>\n<ul>\n<li>Check your new RV at <a href=\"https:\/\/www.gov.uk\/find-business-rates\">https:\/\/www.gov.uk\/find-business-rates<\/a><\/li>\n<li><a href=\"https:\/\/www.gov.uk\/business-rates-valuation-account\">Sign in or register for a business rates valuation account<\/a><\/li>\n<li>Challenge your RV if you think it is too high or incorrect<\/li>\n<li>Check if you are eligible for SBRR and\/or Retail, Hospitality and Leisure Scheme<\/li>\n<\/ul>\n<p>Further information on your Business Rates can be found at <a href=\"https:\/\/www.charnwood.gov.uk\/pages\/business_rates_explained\">https:\/\/www.charnwood.gov.uk\/pages\/business_rates_explained<\/a><\/p>\n<p>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<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Loughborough BID Business Support Business Rates Re-Valuation and Rate Reliefs 2023 FAQ\u2019s &nbsp; Has my Rateable Value (RV) changed? &nbsp; The Valuation Office Agency (VOA) has revaluated all non-domestic properties&#8230;<\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":{"0":"post-2428","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-uncategorized"},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/loveloughborough.co.uk\/love-bid\/wp-json\/wp\/v2\/posts\/2428","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/loveloughborough.co.uk\/love-bid\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/loveloughborough.co.uk\/love-bid\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/loveloughborough.co.uk\/love-bid\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/loveloughborough.co.uk\/love-bid\/wp-json\/wp\/v2\/comments?post=2428"}],"version-history":[{"count":4,"href":"https:\/\/loveloughborough.co.uk\/love-bid\/wp-json\/wp\/v2\/posts\/2428\/revisions"}],"predecessor-version":[{"id":2433,"href":"https:\/\/loveloughborough.co.uk\/love-bid\/wp-json\/wp\/v2\/posts\/2428\/revisions\/2433"}],"wp:attachment":[{"href":"https:\/\/loveloughborough.co.uk\/love-bid\/wp-json\/wp\/v2\/media?parent=2428"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/loveloughborough.co.uk\/love-bid\/wp-json\/wp\/v2\/categories?post=2428"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/loveloughborough.co.uk\/love-bid\/wp-json\/wp\/v2\/tags?post=2428"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}