Business rates, also known as National Non-Domestic Rates (NNDR), are the contributions made by businesses towards the costs of services provided by the council. From 1 April 2013 the government have introduced the Business Rates Retention Scheme under which Councils keep a proportion of the Business Rates collected locally. Under the scheme the rates we collect will be distributed so that the Government will receive 50%, theCouncil will receive 30% and theGLA will receive20%.
Rateable value
The Valuation Office has re-valuated all properties in England. The new lists came into force on 1 April 2010. The government has delayed the next re-valuation to 2017 and work is now due to begin in 2015 for the financial year starting1 April 2017.
New rateable values represent a professional assessment of the annual rent of a property, as if it was available to let on the open market as at 1 April 2008. The VOA gathers as much evidence as possible about actual rents paid for properties in order to determine appropriate rental values.
The rateable value of any property in Hounslow can be inspected on the Valuation Office Agency website.
The rateable value of your property is not the amount you pay in business rates, but it is the basis for the calculation of your business rates bill. The rates due from any property are calculated by multiplying your rateable value by a factor set by central government each year, this is known as the multiplier. The amount you pay would normally increase in line with the movement in the annual Retail Price Index.
If you believe that your rateable value is too high you must contact the Valuation Office.
Rate poundage
For 2013/14, the Small Business multiplier, applicable to those businesses eligible for Small Business Rate Relief, is set at 46.2p (the 2012/13 multiplier was 45.0p). The standard multiplier, which includes the supplement to pay for Small Business Rate Relief, is set at 47.1p for 2013/14 (the 2012/13 multiplier was 45.8p).
Transitional relief
Some ratepayers may have witnessed some dramatic changes in their rates bill in 2010/11, if this did occur, your bill may still be affected by transitional arrangements. Transitional arrangements soften the impact of revaluation by phasing in the changes to the rates bill over a period of time. Different transitional arrangements will apply, depending on whether your bill has increased or decreased and whether your business is classed as small or large. The transition scheme has been introduced with effect from 01 April 2010 running until 31 March 2015. There will be no transitional relief in the last two years but the government is due to announce a deferral scheme for this period.
Contact
E-mail: BusinessRates@hounslow.gov.uk
Telephone: 020 8583 5708
Business Rates Section
London Borough of Hounslow
PO Box 185
Hounslow
TW3 4WD