The Commissioner of the Revenue is the chief assessing officer for the County and can help you understand what to expect regarding any taxes for your business. The good news is that Bedford County is known for its low cost of doing business and low taxes and requires no Business License.
Individuals or organizations starting a new business, should contact the Commissioner of the Revenue’s Office to register their business and to receive information concerning the following:
Business Personal Property Tax
Equipment, furniture and tools on January 1st and used in a business are taxed as personal property tax. After registration, a form is mailed each year, which requests the type of equipment, date purchased and original cost. Depreciation is applied and the tax is based on a 20% ratio at a tax rate of $8.50 per hundred (effective rate $1.70).
Machinery and Tools Tax
Equipment used by a manufacturer owned on January 1st is taxed at the machinery and tools tax rate. Forms are mailed in January each year, requesting the type of equipment, date purchased and original cost. Depreciation is applied and the tax is based on a 20% ratio, at a rate of $6.00 per hundred (effective rate $1.20).
Merchants Capital Tax
This tax was eliminated in 2011 and has been a real benefit to businesses that would otherwise be taxed on their inventory on Jan. 1.
Meals tax of 4% is collected on all prepared foods and beverages and remitted each month on forms supplied by the Commissioner of the Revenue.
Lodging tax of 5% is collected from individuals who rent facilities for less than 30 days. Tax is remitted each month on forms supplied by the Commissioner of the Revenue.
Forms are available in the Commissioner’s office for registration of businesses collecting sales tax.
Virginia Withholding Tax
Forms are available in the Commissioner’s Office for registration for employers to report withholding from employee wages.
Federal Employer Identification Number
Forms are available in the Commissioner’s Office for registration to obtain this number.
For more information, please contact:
Bedford County Commissioner of the Revenue
122 E. Main St., Suite 103
Bedford, Va. 24523
Call (540) 586-7621