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Business rates question... Thinking of starting up

 
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Tommytink



Joined: 15 Feb 2017
Posts: 6

PostPosted: Mon Feb 20, 2017 9:35 am    Post subject: Business rates question... Thinking of starting up Reply with quote

Hello all,

New to the site and looking for information...

Wondered if anyone could enlighten me on business rates? I am currently considering a move to Wales - looking for a property with a cottage for me, and then existing lets or buildings for conversion on site.

How do business rates work? From what I've read you pay them instead of council tax? And there are different levels of rates, and depending on how many properties you let? If they are all in the same place, possibly even conjoined, do you pay per let or for them as a group?

I heard on the radio last week a discussion regarding huge increases in business rates in Wales, and that there is no relief for small businesses who were struggling to survive? It threw up a bit of a warning flag for me as I don't want to put myself into something that's not going to work financially.


Thanks for any advice/ideas!
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Giraffe



Joined: 26 Jun 2016
Posts: 309
Location: Cornwall, England

PostPosted: Tue Feb 21, 2017 10:04 am    Post subject: Reply with quote

I have only one holiday let and it's currently better for me to be on business rates than council tax. If you look at previous entries on this thread and also on "managing your property" you will find a lot of recent discussion on business rates which will answer a number of your questions.
The definitive source of information for England is The Valuation Office, but I'm not sure if there is a separate government organisation for Wales. I do know there are some business rate differences between E and W. There is good information on the VO website.
Good luck on your venture.
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Tommytink



Joined: 15 Feb 2017
Posts: 6

PostPosted: Thu Mar 02, 2017 3:28 pm    Post subject: Reply with quote

Thanks.

Am I right in thinking that if the property is totally separate from the main residence (as in another village), that you pay business rates on it instead of council tax??
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newtimber



Joined: 24 Nov 2012
Posts: 1505
Location: Brighton

PostPosted: Thu Mar 02, 2017 5:21 pm    Post subject: Reply with quote

Tommytink wrote:
Thanks.

Am I right in thinking that if the property is totally separate from the main residence (as in another village), that you pay business rates on it instead of council tax??


Yes. You don't have a choice whether to pay Council Tax or business rates. If you're using any property regardless of how close it is to your main residence as a holiday let rather than a permanent residence or for your own personal use, then you have to pay business rates.
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Tommytink



Joined: 15 Feb 2017
Posts: 6

PostPosted: Fri Mar 03, 2017 8:38 am    Post subject: Reply with quote

Thank you Smile
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