cgfw201
Member
Looking into converting a 10000sqft cattle barn barn to commerical use (there's another thread on here about it). Most likely is splitting it into 4-6 units for warehousing or small business use. May look at self storage, but about 5x more expensive to set up.
Trying to get to grips fully with all the cost implications, could someone explain to me in simple terms, if there is such a thing, how business rates would be applied to this?
I know speaking to an accountant is the best thing to do, but guessing some people on here will have a fair idea.
- The gov.uk site suggests they are 49p of the rateable value. We've not had the barn valued, but I'd guess they would apply an average warehousing rate of say £10/sqft per year and say the rateable value is around £100k. That would mean business rate charges of £49,000 a year (?!).
- I've read that there's ways round it if each individual unit is a certain size?
- There's also discounts for transitional phases and a few other things which I hope would apply.
Will obviously get some professional guidance on this before taking the plunge, just working out roughly where we are at for now.
Trying to get to grips fully with all the cost implications, could someone explain to me in simple terms, if there is such a thing, how business rates would be applied to this?
I know speaking to an accountant is the best thing to do, but guessing some people on here will have a fair idea.
- The gov.uk site suggests they are 49p of the rateable value. We've not had the barn valued, but I'd guess they would apply an average warehousing rate of say £10/sqft per year and say the rateable value is around £100k. That would mean business rate charges of £49,000 a year (?!).
- I've read that there's ways round it if each individual unit is a certain size?
- There's also discounts for transitional phases and a few other things which I hope would apply.
Will obviously get some professional guidance on this before taking the plunge, just working out roughly where we are at for now.
