Rateable Value vs Rates Payable

[bounce]

Rateable Value vs Rates Payable?

Is there a difference?

 

[Jenni384]

Yes, the amount payable is the rateable value multiplied by a fraction. Can't remember what it is though.

 

[Zeno]

Rateable value being a concept that bears no relation to anything else such as historic cost or market value and is intentionally kept as a fluid concept so as to suit the local authority when required.

 

[PERCY67]

The rateable value is applied by the VOA dept. If is say 10k. The multiplier for 2010/11 is 41p. So rates payable are 4100 pounds before any small business rate relief.

I think rates upto 6k get 50% relief after that it is a sliding scale up to 12k.

Business rates are purely a tax on business as although you are paying for something you get nothing in return.

 

[bounce]

Can the rateable value ever be more than the rental value?

I.e if your renting a commercial property for 35k, can the rates ever exceed that?

 

[QuickHomeBuyers]

Can the rateable value ever be more than the rental value?

I.e if your renting a commercial property for 35k, can the rates ever exceed that?

If I let you my property for £1 a month, it wouldnt change rateable value. Rateable value is set by VOA.

 

[Dawg]

From the VOA site:

In broad terms the rateable value is a professional view of the annual rent for a property if it was available on the open market on a set date. All current rateable values are based on a valuation date of 1 April 2003.

and, (oh joy!)

Rateable values are reassessed, or revalued, every five years, bringing them into line with current market values. For the 2010 revaluation, the valuation date is 1 April 2008.

So we are paying on the basis of rental value in 2003, but soon, so soon, we will be paying on rental value 2008. Will the multiplier go down to compensate? Ah look! A British Airways hostess on that flying pig.

 

[farrakh]

What is the differance in rateable value for the shop floor and the staorage room at the back. There is apartion between the store and shop floor sales area.

Thanks