In 2011 the chancellor increased the rateable value of premises that were eligible for small business rates relief from those below £2,400 to those up to £6,000 . This was introduced on 1 October 2012 and due to run until 30 September 2013. Today in the Chancellor’s Autumn Statement this has been extended further, until 2014.
Small business rates relief is administered by the local council, and in Wales for those business with a rateable value up to £6,000 there will be no rates payable. For businesses with a rateable value between £6,001 and £12,000 relief is provided on a tapered basis from 100%-0%.
With struggling high streets and offices left empty this will make renting properties in the area slightly more appealing and Wrexham itself has around 790 shops and 380 offices that have rateable values between £0 and £6,000.
With a new rating year around the corner, the recent bad news of business rates revaluations being postponed until 2015 and a possible cap on any increases after the revaluation to 2% this is welcome good news to those small businesses who fall within the small business rates relief boundaries.
If you believe you are eligible for small business rates relief but are not getting it, firstly check your business rates bill which is issued to you every April 1st. If you are still unsure, contact the council for more information.