Business Rates on Premises
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There are a number of other issues you need to consider when starting up in business, all of which your accountant and your other professional advisers can provide some assistance with, including:
Are you able to get a reduction in these:
- Compliance with many pieces of legislation including Health & Safety, National Minimum Wage, Working Time Directive, etc.
- Insurance – both business and personal
- Contracts of employment
- Choice of most appropriate funding option
- Recommend banks
- Provide advice on Intellectual Property
- Franchising
- Leasing
Rates
The rateable value of a commercial property is set by the district valuer (part of the Inland Revenue) and is loosely connected to the market rent of the property. Commercial properties are generally re-valued every 5 years or whenever there is a significant change to the property. Carefully check the rateable value of any property you are considering buying or leasing and find out when it was last valued. Do not rely on the figure given by the landlord as this will not be binding. Make sure you know what the rateable value is or will be.
