Business rate relief changes: what they mean to you

2nd February 2023

New small business rates come into effect on 1st April, 2023.  Revaluation of properties was delayed due to the pandemic. That’s all set to change, and this will affect some businesses at Masterlord Office Village.

You can get small business rate relief if your property’s rateable value is less than £15,000 and your business only uses one property – although you may still be able to get relief if you use more than one property and the rateable value is not over £2,899.

You will not pay business rates on a property with a rateable value of £12,000 or less.  For a property with a rateable value of £12,001 to £15,000, the rate of relief will go down gradually from 100% to zero.

You can check your entitlement with Ipswich Borough Council’s rates office on 01473 433851 or visit

https://www.ipswich.gov.uk/content/small-business-rate-relief

As an example, this is how it could affect a Masterlord business that received 100% rate relief but will start paying on a sliding scale from April this year.