330uk

Im seriously confused at the moment. Thinking about getting a retail premises/warehouse for a business venture.
I know you have to pay business rates on the 'rateable value'.
This is the confusing bit:
Ive seen a unit with a 10K per annum lease. I checked the rateable value for this year and its 0.43 therefore the business rates on this unit are 4300. Isnt that ridiculously high ? Am I missing something or is this what people pay ?
Anyway to reduce the business rates and is there any other costs I will have to pay the council

STi VII

I think you have to pay stamp duty on the lease as well, but I could be wrong about this.

pugoetru

i think if the public have no access it is cheaper

but i could be wrong

the council have the last say in what you pay so the best thing to do is grovel to them

i am looking at a small unit here and i think for what i want it fior it would be cheaper to buy it

PPPMAT

You can find the rateable value for any property by going on the government website (if you have the postcode).

Basically if your rateable value is £10,000 per annum then your rates payable (this year) will be 44.4p in the £ therefore £4440. You can get transitional relief in certain cases which will further reduce your liability.

Your rateable value should be what you could have reasonably expected to rent the premises at as of 1st April 1998. You can of course appeal against it.

Matt

330uk

do you have the link for the website ? Just looked on www.gov.uk and kind find it.
I cant beleive how expensive the rates are. Its ridiculous.

Are there any other 'rates' I need to be aware of ?

pugoetru

dont you mean taxes

PPPMAT

voa.gov.uk

that should do it