If you are a small business in Lincoln and are not currently receiving any other type of mandatory relief you may be entitled to Small Business Rate Relief.
Am I eligible?
You are eligible for this relief if:
- Your business occupies one property and has a rateable value of less than £15,000.
- Your main property and any additional properties individual rateable values is less than £2,900 and the combined rateable value of all of your business properties is less than £20,000.
What relief/reduction do I get?
Your business rates are calculated by multiplying your rateable value by the applicable multiplier, any relief or reduction is then applied to your bill.
If your rateable value is less than £51,000 and you do not receive any other mandatory relief your bill be calculated using the small business multiplier, rather than the standard rating multiplier.
This relief is calculated on a sliding scale; the reduction will be 100% if your rateable value is £12,000 or less, to 0% if your rateable value is £15,000 or more.
- Small business multiplier is 0.491 for April 2019 to March 2020.
- Standard multiplier is 0.504 for April 2019 to March 2020.
How do I apply?
In most circumstances your relief will already be applied. If you believe relief has not been applied to your bill please contact us www.lincoln.gov.uk/contactbusinessrates
If your circumstances change
If the value of your properties increases above these levels you will no longer be eligible for the relief from the day the value increased.
You should notify us if;
a) You take occupation of an additional business premises*
b) You occupy a business premises in a different local authority area and there has been an increase in the rateable value of that property
* If you take on an additional premises which would mean a loss of your Small Business Rate Relief you will be allowed to keep your relief for a period of 12 months.