Business Rates

20th July 2016

"The Chamber has been made aware of some organisations trying to get work from local businesses by claiming business rate increases in Sheffield will be "up to 100%".

We have checked with the Local Authority who have issued the following statement. In our opinion the increases will be very much less and in line with the rest of the country. There are always exceptional circumstances and as the statement indicates there may even be decreases. Our advice is to contact the help line before appointing any support". Richard Wright Executive Director, Sheffield Chamber of Commerce There is no indication from the Valuation Office (VOA) as to the outcome of the revaluation of non-domestic rateable values for Sheffield or elsewhere in the country. The draft list will not be available until October 2016 at which point businesses are advised to check their rateable value on the VOA's website. If a business believes the records about the property need to be updated then this can be done via the same website. You can get the facts about revaluation, and register now to get a free reminder when the draft rateable values are published, here: www.gov.uk/voa/revaluation. The amount of business rates payable is dependent on the multipliers set by the Government, not Sheffield City Council. The amount of rates businesses owe each year is calculated by applying the multiplier to the rateable value. The Government has not yet set the multiplier for the financial year 2017/18, so the amount due for that year is yet to be determined. However, the Department for Communities and Local Government aim to have a 'Transitional Relief' and 'Small Business Rates' calculator in place by 30th September, which will assist businesses with estimating their 2017/18 bills. Given the fact that Small Business Rates Relief will be extended to businesses whose main premises have a rateable value of less than £12,000, many businesses will see a fall in the amount they have to pay. Sheffield City Council will be writing to all businesses alerting them to the revaluation data becoming available on the Valuation Office Agency website; our strong advice is to please use these free Government or Council contacts first to find out the facts before engaging advisers. The Council's Business Gateway can be contacted on 0800 043 55 22 or 0114 224 5000

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