Local authorities estimate that business rates will bring in £23.8 billion for 2017/18, according to the Department for Communities and Local Government.
Figures also show that authorities estimate a granted total of £3.8 billion worth of business rate relief in the new tax year.
Of this, £2.7 billion is expected to be mandatory relief while receipts to fund the small business rate relief for 2017/18 are expected to be £627 million – giving a net cost of £908 million.
Local authorities estimate they will grant £1.5 billion relief under the small business rate relief scheme.
From 1 April 2017 local authorities will be allowed to retain 100% of the business rates if they have a rateable value below £12,000.
The relief will also be tapered for firms with a rateable value between £12,000 and £15,000.
Contact us today to discuss how the scheme may affect your business.