Business Rates Reductions

Small Business Rate Relief

                                    

Small Business Rate Relief Review              

 Have you received a letter regarding your small business rate relief and need to make a change?                  

 A review letter has been sent with annual bills to all ratepayers who currently receive small business rate relief.

You only need to notify the Business Rates department by following the link below if your circumstances have changed, for example

 
  •         the property has become empty
  •         you have ceased trading
  •         you have vacated the property
  •         you now occupy an additional property

You must notify the Council within 21 days of the change.

To cancel your small business rate relief please click here

The Government acknowledged that more assistance should be given to small, single property businesses and consequently introduced the Small Business Rate Relief Scheme.

The scheme is funded by a supplement on the rate bills of ratepayers who do not meet the criteria.

Who qualifies

  • Any ratepayer who occupies a single property within England where the rateable value (RV) is less than £15,000, or ratepayers who only occupy one main property in England with a rateable value of less than £15,000 and other additional properties, provided those additional properties have rateable value less than £2,900 and the total value of all properties is below £20,000. 
  • Ratepayers who occupy a property with a rateable value which does not exceed £50,999 (and who are not entitled to other mandatory relief or are liable for unoccupied property rates) will have their bill calculated using the lower small business non-domestic rating multiplier, rather than the national non-domestic rating multiplier.

 

What you get

  •  Generally, if the sole or main property is shown on the rating list with a rateable value which does not exceed £15,000, the ratepayer will receive a percentage reduction in their rates bill for this property of up to a maximum of 100%. For a property with a rateable value of not more than £12,000, the ratepayer will receive a 100% reduction in their rates bill.

 

Application Process

  • To apply, please download an application form by clicking here.(PDF, 159 KB,  2 pages).
  • Once the application form has been completed please email the application form to: business.rates@iow.gov.uk

 

Notification of changes

A condition of entitlement to small business rate relief is that a ratepayer must notify the billing authority of changes in circumstances that may affect entitlement to relief which are;

  • 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.

You must contact the Business Rates department Business.rates@iow.gov.uk of 01983 823920.

For more information and advice please contact us using the details in the ‘contact’ tab above.