Business rates are the tax that you will pay on your business property. The payment will be taken by local authorities, and that authority will keep a part of the payment. The rates are set by the government and are applicable to the whole of the UK. They are worked out based on the rental value that the property could achieve.
There are two types of business rates – standard and small business rates. The size of your business will determine which category you fall into. Make sure you read all instructions carefully before filling in any information, so that you will definitely be paying the correct rates for the size of your business.
You may also be entitled to some form of business rates relief. This will all depend on your circumstances, and whether or not your business rates have been increased recently, in which case increases may be introduced gradually.