Business Rates Overview
The following information is a simplistic overview of Business Rates. For a fuller explanation please use the link below
Each office has a 'Rateable' value, which is a figure based on the property's rentable value in 2008.
Colchester Borough Council charges a Tax as a % of the 'Rental' value in 2008.
To confuse matters the council use the following terminology -:
- The Tax is known as 'Business Rates'
- The % of the tax is known as the 'Multiplier', circa 48%
'Rateable value' is the 'Rental' value in 2008
The Tax you pay is calculated by the following formula
RATEABLE VALUE X % MULTIPLIER = BUSINESS RATES PAYABLE
RENTAL VALUE in 2008 X 47% = TAX PAYABLE
NOTIFY THE COUNCIL
It is the tenant's responsibility to notify the council of occupation of offices premises. Bills are back dated to the first date of the tenants occupation, lease.