Here at the BIC we continuously look for ways to support North East businesses. With this in mind I was delighted to hear the announcement by the Chancellor at this year’s budget regarding business rate relief.
Business rates are charged on most non-domestic properties such as the office space we have here. Rates are paid to local authorities and provide a contribution towards the cost of local services.
Currently businesses receive 100% rate relief if their property value is £6,000 or less. However, from April 2017, that rate relief will apply to all those businesses that occupy a property with a rateable value of £12,000 or less.*
This is a major benefit to businesses and I am thrilled to say that the new rate relief will apply to the vast majority of companies based here at the BIC.
The rateable value is a calculated on an estimate of the property’s rental figure. This figure may differ from the actual rent paid in cases where a deal has been negotiated with the landlord.
With over 700 car parking spaces, flexible in and out terms and a business mentor on site, the BIC is the ideal place for your business.
To discover what space we have available contact the space team on 0191 516 6066.
*Business rates are worked out based on a property’s rateable value. This is its open market rental value on 1st April 2008 (next evaluation will be 2017) based on an estimation by the Valuation Office Agency (VOA). You can then calculate your business rates amount by multiplying the rateable value by the correct multiplier (an amount set by Central Government).