Business Rates

Business rates are set by the UK Government and are based on the rateable value of the premises. Rateable values of commercial premises are independently assessed by the District Valuer and are reviewed every 5 years.

Your gross annual bill is calculated by multiplying the rateable value of the property by the rate poundage, which is set annually by the Government.

For the financial year 2011/2012 these are:

Rateable value of Property

Poundage Amount

Standard Rate

43.30p in the £

Small Business Rate

42.60p in the £

Temporary increase in the level of Small Business Rate Relief

The Government introduced a temporary increase in the level of Small Business Rate Relief (SBRR) from 1 October 2010. The change ends on 30 September 2011. Read more at:

http://www.communities.gov.uk/documents/localgovernment/pdf/1517622.pdf

Changes to empty property rating

Business rates will not be payable in the first three months that a property is empty. This is extended to six months in the case of certain industrial properties. After this period, rates are payable in full unless the unoccupied property rate has been reduced by the Government by order. Listed buildings and small properties with a rateable value of less than £2,600 pay no empty rates even after the first three months have expired.

An exact valuation for any property can be found by visiting the Business Link website.

Credits on Business Rates Accounts

In response to a high demand for information under the Freedom of Information Act regarding credits on Business Rates Accounts, the council will publish a report. This will be updated quarterly.

This report details accounts in the Thanet area that have credits on their accounts. Only details of Limited Companies, Public Limited and Government departments are included. Names of sole traders and private individuals will not be published.