10th October 2016 by

Posted in Holiday Letting, Wales

The in’s and out’s of Business rates

Cutting Business Rates for all rate payers

From April 2017, small businesses that occupy property with a rateable value of £12,000 or less will pay no business rates.
Self-catering and Holiday Let Accommodation
If your property is in Wales and both available to let for 140 days or more per year and actually let for 70 days, it will be rated as a self-catering property and valued for business rates.
The Valuation Office Agency works out the business rate based on the property type, size and location, and how many people can sleep in it.
You can get small business rate relief if:
– You only use one property.
– Your property’s rateable value is less than £12,000
What you can get
You’ll get relief (doubled from the usual 50%) until March 2017 for properties with a rateable value of £6,000 or less. This means you won’t pay business rates on properties with a rateable value of £6,000 or less.
The rate relief will gradually decrease from 100% to 0% for properties with a rateable value between £6,001 and £12,000.
You have more than one property
You can get small business rate relief if the rateable value of each of your other properties is less than £2,600.
The rateable values of the properties are added together and the relief applied to the main property.
You’ll keep getting any existing relief for one year when you get a second property.
For more information go to www.gov.uk/apply-for-business-rate-relief/small-business-rate-relief
If you would like to discuss holiday letting your property please call Karen Smith on 01834 849280 or email [email protected]