How are Business Rates Calculated? Business Rates are calculated by multiplying the “rateable value” (RV) of the commercial property by the “business rate multiplier”. For e.g., if your commercial property’s rateable value is £28,000 per annum, your business rates will be calculated as follows. £28,000 (RV) X 49.9 pence (0.499) (business rates multiplier for 2021-22): £13,972 (payable...
What are the different types of commercial property? A commercial property or building an be categorised as follows: Offices Retail – retail stores, shopping centres, shops Industrial – warehouses, factories Leisure – hotels, pubs, restaurants, cafes, sport facilities Healthcare – medical centres, hospitals, nursing homes Every commercial property...
Business Rates on Empty Properties (for Commercial Landlords only) Non-industrial property (for e.g., high street retail shop or a restaurant) landlords do not have to pay any business rates on vacant properties for the first 3 months. They are given three months period to find a tenant or an occupier. After this most landlords may have to pay full business rates. This is a major concern for the...