How to apply for small business rates relief.
This guide
For many of our new members, it will be the first time they have dealt with business rates before. This is why we’ve put together this short guide about business rates and how to apply for small business rate relief.
What is business rates?
Business rates are charged on non-domestic properties like; Shops, offices, pubs, warehouses, factories, holiday rentals or guests’ houses.
Business rates are a tax levied on business properties by local authorities and this includes workspaces such as Hotel Elephant’s studio and office spaces. If you’re looking at renting a workspace with us, please check directly with a member of our team regarding business rates responsibility on specific units.
What is Small Business Rate Relief?
Some properties are eligible for discounts on their business rates from their local councils. In this blog post, we are discussing Small Business Rate Relief as this is the most applicable to our own members.
Your local council will send you a business rates bill in February or March each year which is for the following tax year. You’ll normally have to pay business rates if you occupy a building or part of a building for non-domestic purposes.
You can get small business rate relief if:
your property’s rateable value is less than £15,000.
your business only uses one property (you may still be able to get relief if you use more)
For Hotel Elephant’s members, if your workspace fulfils the above criteria you will be eligible for small business rate relief.
What does Small business rates relief offer you:
You will not need to pay business rates on a property with a rateable value of £12,000 or less. While for properties with a rateable value of £12,001 to £15,000, the rate of relief will go down gradually from 100% to 0%.
In order to receive small business rate relief, you must make an application directly to your local council.
How to apply?
You will need to apply for small business rates relief through your local council, for Hotel Elephant members this will be via Southwark Council website.
The application process is via an online form, ensure you have your bill handy and select ‘small business rate relief’ as your relief type option. You will be asked to submit your business and contact information, along with information regarding the business property you occupy. You will need to provide information, such as your business rates account number and rateable value of your business property. You will find this on your bill.
Once your application is approved you will be sent an updated bill with your business rate relief.
When do you need to apply for small business rate relief?
If you intend to apply for small business rate relief, we would advise everyone to make an application as soon as possible after receiving your first bill. This is to ensure you do not face additional costs associated with non-payment of the bill.
If you have any queries regarding business rates, we would recommend you speak directly with your local business rates team.
If you are a Hotel Elephant, we are always happy to try and help, please do get in touch.
Disclaimer:
This blog post is designed to provide a broad introduction to business rates and small business rate relief. You must make your own enquiries directly with your local authority and check the government website for up to date details. Please see below for some useful links:
https://www.gov.uk/introduction-to-business-rates
https://www.gov.uk/apply-for-business-rate-relief
https://www.southwark.gov.uk/business/business-rates/reducing-your-bill/small-business-rate-relief