New announcement. Learn more

CHARTERED ACCOUNTANTS (ICAEW)

News and advice to help make your property business a success

LANDLORDS FINANCIAL BLOG

All

Landlords Tax Property Tax Landlords Tax Returns Landlords Accounts Property Tax Return Property Accounts Landlords Financial Landlords Accountant Tax Tax Returns VAT Chartered Accountants Online Accountant Online Bookkeeping Online Tax Returns Your Online Accountant Your Online Bookkeeper Businessadvice HMRC Expenses SDLT Accounting FHLs NIC Dividends Property Cashflow Investment Property Tax MTD PAYE Property Accountant Smallbusiness Tax Implications Tax Relief Businesstips Capital Gains Tax Cgt Furnished Holiday Lettings Holiday Lets Tax Ihtexemptions Income Tax Inheritance Tax Making Tax Digital Pension Sole Trader Taxplanning Capital gains tax property Employment Allowance Gifts ISA Landlord Repairs National Insurance Partnership Property bookkeeper Property Letting Relief Taxreturn VAT invoice Agricultural Property Relief Allowable Business Expenses Annual Exempt Amount Bad Debt Tax Relief BADR Benefits Benefits in Kind Business Entertainment Business Expenses Business Rate Business tips Capital Allowances Capital Gains Cashbasis Child Benefit Commercial Property Compliance Deductibleexpenses Directors Loans Disincorporation Entertainment Finance Financialmanagement Flat Rate Scheme HMRC complaints Interest Interest Rates Lettings MakingTaxDigital Mileage Allowance Mobilephones MTD Update Overlaprelief Partnershipbusinesses Payrolling Pensioncontributions Postcessationrelief Ppr Property Company Tax Property Tax Deductible Expenses Propertyallowance Reimbursedexpenses Rent a Room Relief Rental Residence Relief Residential property gains Selfemployed Small Business Stamp duty Tax free income TimetoPay Working from home 60 day capital gains limit Abolitionclass2 Accrualsbasis Acquisitions ADR Advisoryfuelrates AI AirBnB Alphabet shares Amap Annual Tax on Enveloped Dwellings Appeal APR Artificial intelligence Assessment Asset disposal Associated Company Associated Company Tax Rules ATED Autumnstatement Bad Debt Baddebts Badgesoftrade Beancounter Benefit Relief Breakeven Point Budget Business advice Business asset deferment Business coach Business Continuity Business Rates Business Rates Relief Businessgrowth Businesstypes Buy or Lease Equipment Buytolet Capital Allowances for Cars Capital Gain Capitalallowances Capitalexpenditure Car Capital Allowances Carry Back Losses Cash Change of Tax Basis ChatGPT CIS Scheme Class 2 NIC Class 3 NIC Common Tenant Companies Expenditure Companies House Company Account Deadlines Company Account Filing Company car Company Strike Off Company Tax Efficient Property Companyassociation Companyloanstaxfree Compulsory Strike Off Construction Industry Scheme Contacthmrc Contentmarketing Contributions Corporation Tax Losses Corporation Tax New Regime Corporation Tax Rates CorporationTax Costs Cryptocurrency Customerlistimplications Deductible Business Expenses Deductions Deferring NIC Demerger Depreciation Development Directors Directorsloans Disallowable Business Expenses Discovery Disposals Dispute Resolution Dividend allowance Dividend Allowance Reduction Dividend Planning Dividendallowance DLA Domestic Items Tax Relief Dormantcompany Dwellings EIS Employee Discount Employee management Employeecompensationpayments EmployeeOwnershipTrust Employers NIC Endoflifeplanning Enquiry EnterpriseResourcePlanning Entrepreneurmindset Equity Expenses Allowed For Tax Extrabenefit Eyetests Flipping Furnished Holiday Lets Tax Gift Aid Gift Allowance Growthhacks Help to pay tax bills HICBC HMO Licensing Fees Holdoverrelief Holiday Lettings Tax Home responsibilities protection How to apply for a Business Loan How to Extract Profit Humour Hybrid Illegaldividends Income Income and Gains Inflationary Gains Influencers Inheritance Tax Nil Rate Band Interestrelief Interestrestriction Investing Investment Investment in Woodlands Invisible income Invoicing IR35 ITSA Joint Tenant Keypersoninsurance Landlords Self Assessment Late vat registration LBTT Leadgeneration Leadmagnet Leanbusinessmodel Lending Letting Agent Disbursements Letting Agent Recharres Lettings Relief Lifetime Limit Limitedcompany Liquidation Demerger Loan Loaninterest Long Lets Tax Longservice LTT Mainresidencerelief Managed Lets Management accounting Maritalhomedivorce Marriage allowance Marriageallowance Mileage payment Mileage Relief Minimumwage Mixedusesdlt Mortgage costs Mortgage Interest Relief New property Newcompanycarfuelrates Newnicrules NIC 2023 to 2024 NIC savings Nicdisregard Nicreduction NMW Nmwerrors Non Allowable Business Expenses Non-taxable Nudgeletter Off-payrolling benefits Optiontotaxvat Overpayment Relief Overseas properties Paperform Partnership schemes Parttime Patternofoccupancy PAYE by Direct Debit Payroll Penaltypoints Pension Payments Tax Relief Pensions Performance-reviews Periodofgrace Periodsofabsence Personal Allowance Personal Expenses Personal finance Personalallowance Personalguarantees Pretradingexpenses Profit Profit-and-loss ProfitAndLoss Property Allowance Property Business Property Development Company Property Incorporation Property Investment Company Property investor accounts Property investor tax tips Property Rental Business Property Trading Propertycompany PRR R40 Receipts Recharges by Estate Agents Refund Regularpayments Relief for FHL Rent your drive Rentaroom Research & Devolopment Residentialsdlt Retail stock control Retainedprofits Revenue Room for rent tax Rti SA Salary Salary Sacrifice Savings SDLT changes Section 455 Tax Section455tax Selective Licences Landlords Self Assessment Self-employednic Selling Online Selling your Company Seperation Servicecharges Settlementslegislation Simplified Expenses Smallbiz Smallbusinessraterelief Software Spring Budget Staffparties Starting a business Student Loan Deductions SuccessJourney Surplus Cash Tax Allowance on Driveways Tax Allowances Tax bill Tax Break Tax Codes Tax Deadlines Tax Deductions Tax Filing Deadlines Tax Free Childcare Tax on Company Vans Tax on Enveloped Dwellings Tax position Tax Refund Tax Return Tax tips for landlords Tax-free savings income Taxable Benefits Taxation Taxbillpayments Taxconsequences Taxincentives Taxposition Taxpositionassets Taxrelief Taxreliefs Taxses Terminationpayments Tips Trade professional Trading losses Training Transfer Assets Transfer Assets Between Spouses Travel Umbrellacompany Undisclosedincome Unpaid Rent VAT Bad Debt Relief VAT Deadlines VAT Disbursements VAT flat rate scheme VAT Penalties VAT registration VAT Reverse Charge Vatpenalties Vatregistered Vatregistrationthreshold Wellbeing Year End

TAGS

Check your business rates are not too high

October 3, 2023

Check your business rates are not too high

Business rates, rather than council tax, are charged on most non-domestic properties, such as shops, offices, warehouses, pubs, factories, guest houses and holiday lets. Business rates are based on the rateable value of the property. There are various reliefs that may be available to reduce the bill.

The properties are revalued regularly to reflect changes in the property market. The most recent revaluation came into effect this year, taking effect from 1 April 2023 based on the rateable value on 1 April 2021.

During revaluation, all properties are given a new rateable value. The multipliers are also revised.

Transitional relief

Transitional relief caps the amount by which the business rates bill can change each year as a result of a revaluation. The relief is given if your business rates bill changes by more than a certain amount. The effect of the relief is to phase in the changes to the bill as a result of the revaluation.

The amount by which the bill can change from one year to the next as a result of a revaluation depends on the rateable value of the property and whether the bill has increased or decreased as a result of the revaluation. The following table shows the pe0rmitted increases for 2023/204, 2024/25 and 2025/26.

Rateable value 2023/24 2024/25 2025/26

Up to £20,000 (£28,000 in London ) 5% 10% plus inflation 25% plus inflation

0£20,001 (£28,001 in London) to £100,000 15% 25% plus inflation 40% plus inflation

00Over £100,000 30% 40 % plus inflation 55% plus inflation

It is worthwhile checking your business rates bills to e nsure that they hav e not gone up as a result of the revaluation by more than the amount show n in the table above. The bill may rise significantly, for example, if as a result of the revaluation a business no longer benefits from small business rate relief.

If you think the bill is not correct, for example, because the property details are incorrect or because you think the rateable value is too high, you should contact the Valuation Office Agency (VOA) via your business rates account. You should also check you have received any reliefs to which you are entitled and claim them by writing to your Local Authority if they are not reflected in your bill.

Business Rate

Landlords Tax

Landlords Accounts

Landlords Tax Returns

Property Tax

Property Accounts

Property Tax Return