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HWBIDCo Ltd informs you about your town
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Your regular newsletter about

HIGH WYCOMBE TOWN CENTRE

from HWBIDCo Ltd
HWBIDCo exists to make the town centre work better for business.  This could be supporting local businesses directly or it could be addressing issues in the town cente that will encourage greater footfall and visitors to stay longer.

This edition we talk about the Business Rates revaluation process, how it will affect you and how you can register online to preview your revaluation before it is acted upon by the local authority.  In this way, you can challenge any errors at an early stage.
Your Business Rates explained simply...
Your business rates are set by the Valuation Office.  They are collected, on their behalf, by the District Council and passed up to central Government.  Each District Council then receives a percentage back in the form of local authority funding. 

Your property is assessed by the Valuation Office and given a RATEABLE VALUE (RV).  Each year the Government sets a MULTIPLIER which will determine how much you pay.  Your BILL TOTAL is calculated by combining your RV and the Multiplier.

There are two Multipliers set by Government i.e. "the number of pence in the pound" that you will need to pay. For 2016/17 they are as follows:

(1) Small Business Multiplier (Your RV will be less than £18,000) 48.4
(2) Standard Multiplier 49.7

As an example, if you are a small business and your RV is £10,000 your business rate bill would be £10,000 x 48.4% = £4,840 per annum


VOA Website

 
Revaluation 2017...
2017 is a big year for Business Rates.  It is a long-overdue revaluation year, followng growing demands for changes to the system and a huge consultation exercise.  The last one was 2010.  Rateable values will change from April 2017 and so will your costs.

This revaluation exercise has been based on rateable values from 1st April 2015, using a range of different information, comparing similar properties and other data.

VOA revaluation process

Proposed changes are also being made to the appeals process to reduce delays and to introduce a "challenge" stage on-line where the ratepayer can identify errors at an early stage and challenge their entry on the ratings list.  This system will also be introduced in April 2017.
Registering for your data...

Your draft rateable value and (for most properties) summary valuation will be published online tomorrow, on 30 September 2016, together with other information which it is hoped will help you understand more about your valuation.

The Valuation Office will not be sending out printed valuations for this revaluation.

You will be able to review your draft valuation online and tell the VOA if any details are incorrect, before your local council calculates your business rate bill from 1 April 2017.

It is therefore important to register using this link Register
Business Rate Reliefs...
In some cases, you may be eligible for Business Rates Relief.

Some of these are discretionary so you would need to discuss your circumstances with Wycombe District Council, such as hardship relief and Empty Property Re-occupation.  For the latter, the property would need to have been empty (with no one paying) for 12 months prior to your tenancy for you to claim 50% reduction on your liability.

Other rate reliefs include:

Small Business Rate Relief - if the RV of your property is £6,000, or less, you will not pay any business rates until 31st March 2017.  As your property increases in value, this relief has a diminishing benefit up to £12,000 i.e.  If your rateable value is £10,500, you’ll get 25% off your bill. If your rateable value is £9,000, you’ll get 50% off;

Empty Property Relief - You don’t have to pay business rates on empty buildings for 3 months. After this time, most businesses must pay full business rates.  Some properties can get extended empty property relief:
  • listed buildings - until they’re reoccupied
  • buildings with a rateable value under £2,600 - until they’re reoccupied
  • properties owned by charities - only if the property’s next use will be mostly for charitable purposes
Wycombe District Council Rate Reliefs
BID Renewal Meetings...
We have arranged some informal evening meetings to discuss the BID Renewal.  No presentations, no formal agenda, just a chance to chat through your concerns about the town.

The BID Team will be at the following places before Christmas:
  • Friday 7th October 2016 from 6pm-7pm at The Snug
  • Wednesday 2nd November 2016 from 6pm-7pm at The Bootlegger
  • Tuesday 6th December 2016 from 6pm-7pm at The Antelope
From January 2017, we will introduce some breakfast and lunchtime meetings, if you are unable to make it in the evening.

BID Team
Or email us for a one-to-one meeting
gemma@hwbidco.co.uk
Copyright © HWBIDCo 2016 All rights reserved.

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gemma@hwbidco.co.uk

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HWBIDCo Ltd · Little Market House · Church Square · High Wycombe, Eng HP11 2BN · United Kingdom

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