As many of you are aware, on 1st April 2017 there was a major Revaluation of commercial business rates, and many appeals have been settled. Since then, the Uniform Business Rate (UBR) has continued to rise resulting in rates increases.
Rates bills are calculated by applying a Uniform Business Rate (UBR), also known as Poundage Rate, to the Rateable Value (RV) of your property. In terms of the calculation, the standard UBR has increased from £0.466 in 2017 to £0.498 pence in April 2022.
The table below shows the national Poundage Rates for 2017/18 and the new 2022/23 rates:
|
|
Poundage Rate (UBR) |
|
|
Rateable Value |
2017/18 |
2022/23 |
|
Poundage Rate |
£0.466 |
£0.498 |
|
Large Business Rate |
£0.492 for properties with RV over £51K |
£0.511 for properties with RV between £51K-£95k |
The impact of this increase in actual monetary terms is illustrated in the following example calculation:
|
|
Annual Rates Payable |
||
|
Rateable Value |
2017/18 |
2022/23 |
Increase |
|
£20,000 |
£9,320 |
£9,960 |
£640 |
|
£100,000 |
£49,200 |
£52,400* |
£3,200 |
* Poundage rate for Rateable values of £95,001 and above is £0.524.
Please contact our team to discuss how these proposed changes may affect your business and how we may be able to help.