Small business rate relief (SBRR) and Supporting Small Business (SSB)
Do you qualify?
Small Business Rate Relief
The Government has updated the Small Business Rate Relief Scheme from 1 April 2023; this is available to ratepayers with either:
- A single property; or
- One main property and other properties in England as long as the other properties have Rateable Values of no more than £2,899 and the total Rateable Value of all the occupied properties does not exceed £19,999 (conditions apply)
Ratepayers who occupy a property with a rateable value which does not exceed £50,999 (and who are not entitled to other mandatory relief or are liable for unoccupied property rates) will have their bills calculated using the lower small business non-domestic rating multiplier (49.9p in 2023/2024), rather than the national non-domestic rating multiplier (51.2p in 2023/2024).
In addition, you may receive a 100% reduction in your rate bill if your Rateable Value is below £12,000 and if your Rateable Value is between £12,001 and £14,999 you will receive a percentage/phased reduction in your bill up to 100%.
The small business rate relief scheme is funded by a supplement on the rate bill of all businesses not eligible for relief. This is built into the standard multiplier (51.2p in 2023/2024).
You must let us know of changes in your circumstances within four weeks of the day they happened if:
- You take occupation of another property that you did not occupy at the time of making the application for relief, and
- The Rateable Value of a property occupied by you in an area outside the Borough increases.
Supporting Small Businesses
A new scheme of Small Business Relief has been introduced for those ratepayers facing large increases as a result of the loss of Small Business Rate Relief (SBRR) following the revaluation.
For 2023/24, eligible ratepayers with a Rateable Value less than or equal to £12,000 are entitled to 100% SBRR. Those with a Rateable Value of between £12,001 and £14,999 enjoy tapered relief up to 100%. At the 2022 Autumn Statement the Chancellor announced that the 2023 Supporting Small Business (SSB) scheme will cap bill increases at £600 per year for any business losing eligibility for some or all Small Business Rate Relief or Rural Rate Relief at the 2023 revaluation. This cash maximum increase ensures that ratepayers do not face large bill increases in 2023/24 after transitional relief and small business rate relief (as applicable) have been applied.
Those on 2023 SSBR whose 2023 Rateable Values are £51,000 or more will not be liable to pay the supplement (1.3p) to fund small business rate relief while they are eligible for 2023 SSBR.
Ratepayers remain in the Supporting Small Businesses relief scheme for either 3 years or until they reach the bill they would have paid without the scheme. A change of ratepayer will not affect eligibility for the Supporting Small Businesses relief scheme but eligibility will be lost if the property becomes vacant or is occupied by a charity or Community Amateur Sports Club.
There is no need to apply for this relief as we will identify all eligible properties.
However please contact us if you have any questions.