Rates relief!

Bills are on their way downTHE majority of business rate bills in the North-West — almost 150,000 — will fall next year as a result of revaluation.

Government has confirmed it will not collect a penny more of extra revenue as a result of the 2010 revaluation. Regular revaluations ensure the rate each business pays is fair and reflects changes in the relative value of property over time.

The final arrangements for calculating new business rates bills are being published and most business properties in the North-West (60 per cent) will see falls in their rate bills next year.

For those paying more, the Government is putting in place a £2 billion relief scheme self funded by businesses that will limit and phase in increases.

The Government is giving the go ahead for the relief scheme following a consultation.

Overall, as a result of revaluation and the relief arrangements, one million business properties will see an average decrease of £770 in 2010/11.

The Government has announced the removal of the requirement to reapply for small business rate relief at revaluation, so reducing bureaucracy for small businesses and billing authorities.