small business rates relief - what does it mean?!

[Freddie15VES]

i have my own business which i have ran successfully since 2022. i’m now looking at opening my own shop but im just wondering if anyone can shed some light on what it means when it says i am eligible for small business rates relief? does it mean i pay less rent? i’m confused! obviously im trying to work out where i can afford etc

Once a business has premises you will pay 'Business Rates' to the local council - sort of the equivalent of the Council Tax you pay on your home. This is in addition to your rent. Some small business get Business Rate Relief - for example if it is your only premises, or if your premises are under a certain size. The discount/relief differs in depending on the council area you're in, so it's probably best to contact the business team at your council.

It's a strange system where everyone with premises has to register for business rates and then you get credit back if you're eligable for rates relief so defintely best to chat it through with someone who can explain it to you clearly.