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 2012/2013 these are:

Rateable value of
Property

Poundage
Amount

Standard Rate

45.80p in the £

Small
Business Rate

45.00p in the £

Help with Business Rates

The Government has decided to put in place a business rates deferral scheme which will given you the option of spreading the Retail Price Index increase in your 2012-13 bill over three years.

Temporary increase in the level of Small Business Rate Relief

Between 1 October 2010 and 31 March 2013, eligible ratepayers will receive small business rate relief at 100 percent on properties up to £6,000 (rather than 50 per cent), and a tapering relief from 100 per cent to 0 percent for properties up to £12,000 in rateable value for that period.

More information is available on the Business Link website.

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 Names of sole traders and private individuals will not be published.