llanblogger has reproduced the guide below:
Business rates (or National Non Domestic Rates) - payable by all occupiers of non-domestic premises, eg offices, business units and shops.
While they’re collected by local Councils, business rates are paid to Welsh Government, who then pay them back, under a formula, to local Councils as part of their Revenue Support Grant. Because of the formula, not all business rates collected in a particular council area will necessarily come back to that Council.
The rate payable (multiplier) is set by Welsh Government centrally.
Rateable Value - the amount of rates payable for individual premises are based on property valuations carried out by the Valuation Office Agency and are intended to represent broadly the yearly rent for the property on the open market. The last valuation came into effect in 2010. The next is due in 2017. In between time, Rateable Values can be changed if the circumstances for individual premises change.
Rate relief - there are a number of circumstances where the amount of business rates normally payable can be reduced:
1. Empty / part empty premises:
No rates for first 3 months if previously occupied for 6 weeks. No rates for first 6 months on some industrial properties
No rates for first 18 months on newly built, vacant commercial premises if completed before 1st Oct 2016
Zero rate for empty charitable and Community Amateur Sports Clubs premises
‘Section 44a Relief’ for part empty premises
Other exemptions including: Rateable Value under £2,600; previous occupier gone into liquidation / bankruptcy; property part of deceased estate; occupation prohibited by law e.g. Asbestos; listed buildings
2. Charitable organisations and Community
Amateur Sports Clubs:
80% reduction where registered
Additional 20% reduction possible in some circumstances
3. Small Business Rate Relief
Up to 100% where Rateable Value is under £12,000, premises are occupied and the business is trading
4. Wales Retail Relief Scheme
Up to £1,500 off rates in 2015-16 for occupied retail, food & drink premises with a Rateable Value Under £50,000
5. Hardship Relief
Available in some short term circumstances where businesses are facing closure due to financial hardship
In all cases, businesses can obtain further advice from the Council’s website or by contacting the Business Rates Team on 01824 706101.