BUSINESS-RATE.COM

Business rates are a form of property tax in the UK and they are levied on the occupation of commercial premises. Business rates are used to help to pay for services provided by local councils. They are also known as national non-domestic rates (NNDR) and uniform business rates (UBR). The bills are sent out by local authorities and they also collect the tax. But they do not keep the money collected. The receipts are sent to central government who then redistribute it to local authorities. Any use of a building or part of it for commercial purposes may result in a liability to pay business rates. Commercial premises are assigned a rateable value which is an assessment of the amount of rent the property might be expected to command annually. It is essentially the amount of money a hypothetical tenant would expect to pay to rent the premises for a year. Rating lists are developed by the valuation office agency, and all businesses are assigned a rateable value based on an assessment of..