Your annual business rates increase has been confirmed, following The Scottish Parliament’s announcement that the new Uniform Business Rate (UBR) for non-domestic properties is rising to 47.1p for 2014/15.
The increase, which is normally linked with the annual rate of inflation in September of the previous year (3.2% in 2013), has been capped at 2%. This is in line with the Chancellor’s Autumn Statement and what was recently applied in England and Wales. It is welcome news for Scotland and should assist businesses.
The Small Business Bonus Scheme supplement payable on properties with a rateable value over £35,000, and which is currently 0.9p, has not yet been confirmed. However it was implied that it would be 1.1p, with a potential UBR of 48.2p (an increase of 2.33% for larger properties), in the Chancellor’s Autumn Statement.
Your business rates bill is calculated by multiplying the rateable value of your property by the UBR. The table below provides a couple of examples to show how the new UBR will affect the liability of businesses with rateable values below £35,000 and what we expect for those above that level:
For further information or advice about business rates, contact Tim Bunker, Partner on 0131 473 3215 or email email@example.com.