business rates?

Glaucus · 25 May 2017 at 00:58

been looking at the gov site but not making any sense. If I rent a workshop in the aim of having a job on the side. does business rates apply and how on earth do I come to a rough estimate?

edit
right rateable value seems to be around 900 and £0.466 small business multiplier so £414 a year and possibly apply for Business rates relief? does that sound about right?

would I still have to pay that if not turning a profit, how about if it'll take 6months to set up before I sell anything?

Mark M · 25 May 2017 at 08:36

Im no expert but look for small business rate relief, I have a lot of clients who qualify for it and dont pay any rates. You will pay rates (unless you qualify for relief of course) regardless of profit unless you are a charity.

Martynt74 · 25 May 2017 at 08:44

Yeah you still have to pay if you don't make a profit. As for times, i think there's a period you can be exempt for but for that i think it's more to do with renovations prior to work and not just your decision.

Not sure about small business rate relief. I know my wife couldn't get it even though it was a small business :\

Mark M · 25 May 2017 at 09:00

SBR relief is based on the size of the unit and not the actual size of the business as far as Im aware?

Orangest · 25 May 2017 at 13:43

With an RV £900, assuming this is going to be your only property, you would qualify for full exemption with small business rates relief, the threshold has been increased from RV £6,000 in the 2010 list, to RV £12,000 in the 2017 list for full exemption, so this workshop would fall well under.

You will need to apply for it though, you won't receive it automatically.

Glaucus · 25 May 2017 at 15:21

Orangest said:
With an RV £900, assuming this is going to be your only property, you would qualify for full exemption with small business rates relief, the threshold has been increased from RV £6,000 in the 2010 list, to RV £12,000 in the 2017 list for full exemption, so this workshop would fall well under.

You will need to apply for it though, you won't receive it automatically.

thanks, is the relief essentially guaranteed then? there's also another with RV of £2700

any idea what insurance I would need, some sort of property insurance in case I burn it down and some sort of liability insurance?

Mercenary Keyboard Warrior · 26 May 2017 at 15:10

Sometimes the landlord will take out a policy to cover damage/fire etc and recharge it to individual units. That way they know its in force at all times, and also should there be periods of non tenancy then they dont have to worry at that point

You probably want public liability as well, which will be priced depending what your doing. Likely to be peanuts though.