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Business Rates Relief, refers to a scheme implemented by the government to provide financial support to businesses by reducing their business rates liabilities.
Business rates relief is typically offered during certain circumstances or to specific types of businesses to help alleviate the burden of these taxes. The relief aims to support economic growth, encourage business development, and provide assistance during challenging times.
The businesses that fit into the eligibility criteria for Business Rates Relief consist of:
In order to benefit from Business Rates Relief (BRR), you could take the following steps:
Firstly, determine Eligibility: Understand the eligibility criteria, review the requirements, and determine if your business meets the criteria. For instance, having a low rateable value, operating in a specific sector, or being located in a designated rural area.
Contact Us: Secondly, speak with a member if our team and enquire about the available relief schemes. Counting King will then provide you with detailed information on suitable relief schemes, application processes, and assistance with any supporting documents required.
Gather Required Information: Thirdly, compile all necessary information and documentation needed for the application. This can include details about your business, the property you occupy, and your business rates account. Examples of documents you may need to provide include: proof of occupancy, financial statements, or other supporting evidence.
Application Process: Then, this usually involves submitting an application form, alongside supporting documents to demonstrate your eligibility. The application may require details about your business, the property you occupy, and your business rates account.
Review and Assessment: Above all, once your application is received, it will be reviewed and assessed by the relevant authority. They will verify the eligibility of your business and the accuracy of the information provided.
Notification of Outcome: Finally, you will receive a notification regarding the outcome of your application. If approved, the notification will outline the relief you are eligible for and the period it covers. It may also provide instructions on how the relief will be applied to your business rates account.
It’s important to note that even after receiving business rates relief, you are still responsible for any compliance requirements. This may include submitting regular updates, notifying the council of any changes in circumstances, or renewing your relief application when necessary.
Business Rates Relief (BRR) can provide many benefits, and have many positive impacts on you and your business. These benefits include:
Cost Savings: One of the primary advantages of BRR is the potential for cost savings. By reducing or eliminating your business rates liability, you can lower your overall operating expenses. This can free up financial resources which can be reinvested into your business, used for expansion, or allocated to other areas of need.
Improved Cash Flow: BRR can help improve your cash flow. Instead of allocating a portion of your budget towards business rates payments, you can redirect those funds to other areas of your business. This can provide you with greater flexibility and financial stability.
Competitive Advantage: If your business operates in a sector eligible for specific relief schemes, such as retail relief, the reduction in business rates can give you a competitive advantage. It allows you to offer competitive pricing, invest in marketing or customer experience enhancements, or even allocate funds towards business development activities.
Support During Challenging Times: BRR often becomes particularly relevant during challenging economic periods or unforeseen circumstances. Relief measures can provide temporary financial support, allowing your business to navigate difficult times and maintain stability.
Local Support and Recognition: Depending on the relief schemes in place, benefiting from BRR can demonstrate that your business is supported the government. This can contribute to a positive reputation and enhance your standing within the local community.
Incentive for Business Location: In some cases, BRR may be offered in specific areas or enterprise zones to attract businesses and promote investment. If your business operates in such an area, the relief can act as an incentive for you to establish or expand your operations there, taking advantage of the associated benefits and opportunities.
This is a short meeting either via telephone or in person, in order to confirm if you are eligible for Business Rates Relief.
This is to confirm our Terms and Conditions, NDA, and Data Protection Compliance. This is a simple form which is to be signed electronically.
This can either be remote or on location, depending on the complexity of the building, and will help to assess the reclassification of your Business Rates.
We will utilise your existing Business Rates statement, the site survey information we gathered, and the evidence compiled by ourselves to be reviewed by yourself.
This will be submitted to the local authority responsible for your premises and will also confirm the new Business Rates amount calculated based on our application.
This could be a newly calculated bill for the upcoming year, and in certain cases a rebate for the current year.
Find Out How Much You Can Claim With Our FREE Research and Development (R&D) Tax Credits Calculator. You can even get the calculation emailed to you for future use.
Business Rates Relief is NOT administered by HMRC, but rather the purview of local authorities! Here’s an overview of their process for claiming Business Rates Relief:
Guidance and Information: HMRC may provide general guidance and information on business rates and related tax matters. However, they can also help clarify any tax implications or regulations that businesses should be aware of in relation to business rates relief.
Interaction with Local Authorities: HMRC works closely with local authorities, providing guidance and support to help ensure the proper administration of business rates. They may collaborate on issues related to valuation, exemptions, or reliefs, sharing information and expertise as needed.
Liaising with Tax Advisors: HMRC engages with tax advisors and professional bodies to provide guidance and clarification on business rates matters. Tax advisors can seek HMRC’s input or clarification on specific tax-related aspects of business rates relief for their clients.
Supporting Legislation and Regulations: HMRC may have involvement in developing or updating legislation and regulations related to business rates and associated relief schemes. However, they also contribute their expertise and knowledge to ensure that the tax aspects of business rates relief are properly defined and implemented.
Business Rates Relief (BRR) offers many benefits! These benefits include:
Cost Savings: Firstly, one of the primary benefits of business rates relief is the potential for cost savings. By reducing or eliminating your business rates liability, you can lower your operating expenses. This frees up financial resources that can be reinvested in your business for growth, hiring additional staff, purchasing equipment, or expanding operations.
Improved Cash Flow: Secondly, business rates relief can significantly improve your cash flow. Instead of allocating a significant portion of your budget towards business rates payments, you can redirect those funds to other areas of your business. This increased liquidity can enhance your ability to manage day-to-day operations, meet financial obligations, and respond to unexpected expenses.
Enhanced Competitiveness: Thirdly, business rates relief can provide a competitive advantage to eligible businesses. By reducing their financial burden, businesses can offer more competitive pricing, invest in marketing campaigns, improve products or services, or expand their offerings. This enhanced competitiveness can attract more customers and help businesses thrive in their respective markets.
Support During Challenging Times: In some instances, BRR often becomes particularly valuable during challenging economic periods or unforeseen circumstances. During times of economic downturns, natural disasters, or other crises, relief measures can provide temporary financial support to businesses, helping them to maintain stability.
Local Authority Support and Recognition: Moreover, benefiting from business rates relief demonstrates that your business is supported by local authorities and the government. This recognition can contribute to a positive reputation within the community, foster stronger relationships with local stakeholders, and potentially open doors to additional support or opportunities.
Incentive for Business Location: In some cases, business rates relief may be offered in specific areas or enterprise zones to attract businesses and promote investment. If your business operates in such a location, the relief can act as an incentive for you to establish or expand your operations there, taking advantage of the associated benefits, infrastructure, or business network.
In conclusion, it’s important to note that the specific benefits and impact of business rates relief will depend on various factors. For example, the relief scheme, the extent of the relief provided, and your business’s individual circumstances.
Work with Counting King and we will provide personalised advice based on your specific situation!
Contact us today to find out if your company is eligible for Business Rates Relief