In Manchester, businesses on average saw bills increase by 8.7% due to the revaluation. This figure was 8.4% across GM, compared to 6.9% nationally, which reflects the increase in Rateable Value (RV) from 1 April 2023; while the multiplier was frozen at 49.9p so the revaluation will have equated to a true increase on bills for most people – although with some exceptions.
This may have lifted some small businesses out of the Small Business Rates Relief RV threshold, which is 100% relief for RVs of less than £12,000, tapering to 0% relief for RVs between £12,001 and £15,000.
However, Government committed to supporting small businesses and have introduced two reliefs effective from 1 April. These are:
Enhanced Transitional Relief and removal of Transitional Premiums:
Providing support to businesses by phasing in upward increases in bills so that a maximum increase is applied on the following basis (relief will be provided up to this level); and removing the Transitional Premium so reductions in RV can be accessed by rate payers immediately rather than over the life of the list:
Supporting Small Business Relief:
For businesses that have lost some or all of their Small Business Rates Relief or Rural Rate Relief, bill increases will be restricted to £600 for 2023/24. Relief will be applied on application to the relevant Council.
There are other reliefs available on application, such as hardship and discretionary relief, but these are usually reserved for community benefiting businesses and are locally designed policies.
If you’re an FSB member in GM and you need any further help with rates please email your Development Manager [email protected] or telephone him on 0791 762 8905.
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