All businesses in Lynchburg must obtain a license by the deadline of May 1st, which falls on Wednesday. The fee for the business license is based on the gross receipts or purchases of the business. Businesses with lower gross receipts or purchases are not required to pay any fees.
For businesses with higher gross receipts or purchases, a fee schedule applies. Retail merchants pay 19 cents per $100 of gross receipts, contractors pay 15 cents per $100, business/personal services pay 34 cents per $100, professional services pay 55 cents per $100 and wholesale merchants pay $20 plus 26 cents per $100 of gross purchases.
In addition to obtaining a business license, it’s important to remember that state income taxes are also due by May 1st. The Commissioner of the Revenue Office located at 900 Church Street in City Hall offers free State income tax assistance to residents of Lynchburg. Simply bring a copy of your completed Federal tax return, W2s, and any supporting documents to the office and someone will assist you in completing your State tax return. No appointment is required for this service.
It’s crucial for businesses to comply with these deadlines and requirements to ensure smooth operation in Lynchburg. For more information or inquiries, contact the Commissioner of the Revenue Office at (434) 455-3870.
