Business rates
Okay kiddo, let me explain business rates to you like you are 5 years old.
Imagine you have a lemonade stand that you set up in front of your house. Your stand is small, but it makes you some good money. Now think, what do you need to run your lemonade stand? You need to buy lemons, sugar, cups, and a few other things, right?
Just like your lemonade stand, businesses also need to pay for things like rent, utilities and other things to run their business. And, in the UK, they need to pay something called "business rates".
Business rates are fees that businesses have to pay to the government to use the land and buildings that they operate in. This means if you have a store on the high street, or a factory, you will have to pay business rates.
The amount of business rates you pay depends on the value of your property, how much it is worth, and what type of business it is. If you have a big factory or a store in a fancy shopping mall, you'll pay more in business rates compared to someone who runs a small cafe or shop in a less busy area.
This money paid by businesses is used to fund local government services like hospitals, schools, and emergency services.
So, if you plan to run a business in the future, you'll need to remember that you might have to pay business rates, just like how you have to buy lemons to make your lemonade.
Imagine you have a lemonade stand that you set up in front of your house. Your stand is small, but it makes you some good money. Now think, what do you need to run your lemonade stand? You need to buy lemons, sugar, cups, and a few other things, right?
Just like your lemonade stand, businesses also need to pay for things like rent, utilities and other things to run their business. And, in the UK, they need to pay something called "business rates".
Business rates are fees that businesses have to pay to the government to use the land and buildings that they operate in. This means if you have a store on the high street, or a factory, you will have to pay business rates.
The amount of business rates you pay depends on the value of your property, how much it is worth, and what type of business it is. If you have a big factory or a store in a fancy shopping mall, you'll pay more in business rates compared to someone who runs a small cafe or shop in a less busy area.
This money paid by businesses is used to fund local government services like hospitals, schools, and emergency services.
So, if you plan to run a business in the future, you'll need to remember that you might have to pay business rates, just like how you have to buy lemons to make your lemonade.