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 £6,000
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 £6,000 threshold.
Come April 2017, the threshold for full rate relief is being doubled to £12,000.