you can find the rentable value for bussiness rates on any property here

http://www.2010.voa.gov.uk/rli/

My bad, clicked on Ian's link rather than yours. Just check the length of the lease in the legal pack.

I wouldn't be financing something like this as it's not something i need, just something i'd like. 10k is not a lot of money these days.

This particular place took my eye as i've driven/walked past it for the past 25 years as a small tyre place.

Also think about how you're going to finance it, assuming mortgage? If so it'll need to be a commercial mortgage, average of about £3k in upfront fees, plus rates aren't amazing. Some of the big banks offer them, Barclays etc, there are also brokers who do so too.

I would imagine you'd get 100% relief with that - it surely must be ratable under £6k which makes it exempt from payment until March 15. Not sure what will happen after that.

https://www.gov.uk/apply-for-business-rate-relief/small-business-rate-relief

Don't forget - a property with a ratable value of £20k is enormous and certainly not something you'd really be taking on unless you had enough people to fill it.

This one has a ratable value of £15k so you'd pay about £7k but its a bit of a castle!

http://www.rightmove.co.uk/commercial-property-to-let/property-44044925.html?premiumA=true

[Edited on 28-05-2014 by Ian]

On the same page. Basing rates on rent was confusing me :lol:

quote:

---

Originally posted by Gary
Are you sure the business rates arnt. 0.48 of the rateable value.

Basing business rates on rent is easily fiddled.

---

Are you sure the business rates arnt. 0.48 of the rateable value.

Basing business rates on rent is easily fiddled.

Apoligies if confusion caused in my first post wording. The figure payable in elation to RV is 0.48 times the rent.

Funny as that is what we have always used. That's not for small business relief though, that is general commercial premises.

The rates bill is calculated by multiplying the rateable value of the property by the 'rate multiplier'. There are two rate multipliers for the 2014-2015 financial year. The Standard Multiplier is 0.48.2(48.2 pence in the pound) or the Small Business Rate Multiplier of 0.47.1 (47.1 pence in the pound). So a ratepayer who occupies a property with a rateable value of £20,000 would have an overall bill for £9,640.00(£20,000 x 0.482).

Pretty sure it's not.

RV is 0.48 times the rent.

You'd get small business rates relief though

You pay rates which is a tax based upon the rateable value of the premises. You pay it whether it is being let or not.

Can run into the thousands, hence why commercial property appears cheap on the market compared to residential.

[Edited on 26-05-2014 by AndyKent]

Still got my eye out to purchase a lockup of some sort. Come across an old tyre place.

http://www.rightmove.co.uk/commercial-property-for-sale/property-45752360.html

How does it work on commercial propery if i was using this for personal storage? What do you have to pay out, i.e. on my house i have to pay council tax.

Can't afford this at the moment, just wondering how it works.