Business rates 2019-20
For this financial year businesses in Kensington and Chelsea are expected to pay a total of £362.5 million. This breaks down as:
- £351 million
- plus £11.5 million of Business Rate Supplement (BRS)
Under the retained rates scheme, the borough expects to keep £65 million of this.
How your rates bill is calculated
Your gross annual rates bill is calculated by multiplying the rateable value of the property by the appropriate Government set multiplier.
For 2019-20 the multiplier is 50.4 pence or 49.1 pence if your business qualifies for small business rate relief.
The net rates bill may differ if you qualify for a:
- or if transitional arrangements apply