Business Rates and Small Business Rate Relief

What are Business Rates?

They are a tax on commercial property much like the council tax you pay at home. The charge is based on many factors related to the space including the location, the condition and the size.

Most property companies absorb business rates and pass on the cost in their rental fees. Here at Meanwhile Creative we don’t include business rates in our licence agreements because 95% of the companies that we work with are able to avoid paying a penny using a government relief scheme.

What is Small Business Rate Relief?

Small Business Rate Relief was introduced to help small and medium enterprises survive and grow. There are three main conditions for receiving full relief from business rates:

1. You only have one business premises

2. You have less than fifty staff

3. The rateable value of your business property is less than £12,000 (£15,000 as of April 2018)

Whilst you’ll know about the first two criteria, the third might be a mystery. Get in touch with the Meanwhile team and we’ll be able to tell you the rateable value of our spaces, the vast majority fall within the £12,000 threshold.

If you’re a small business or contractor in search of a decent booking keeping and accounting service to manage your business accounts check out One Abacus of London