Small Business Rates Multiplier

[fordie]

i'm a little confused regarding the small business rates multiplier. i know you can apply for this if your ratable value is below 15,000, but what i don't get is how the business rates are calculated from this. if i tell you what i thinkk it is, can you tell me if im right, or help me where im going wrong. also are there any factors in this, do you just apply for the small business rates multiplier and they say yes if your rates are low enough, or do they take other factors into account?

the rateable value for a property is 7,400, which means it would be eligible for the small business multiplier figure of 48.1p(2009/10). Because this rateable value falls in the 5,000-9,999 bracket, you can knock 25% off the business rates.

so:
7400x0.481=3559.40, minus 25% is: £2669.55

£2669.55 is the amount of business rates payable

is this right?

 

[Alison Jones]

When we were looking at premises, we phoned the local council who told us on that particular premises how much rates are payable and how much rates payable if get small business relief. This we found was getting an accurate figure (we had tried calculating from the details provided on the estate agents details on the property which in most cases were inaccurate)

Alison