Help for small businesses affected by large increases in business rates
Local small businesses could get money back or a discount on their business rates depending on the consolation’s outcome.
Business rates increased for many small businesses following April’s new business property revaluation. In his budget, the Chancellor announced relief funding for businesses affected by these large increases.
Local councils will decide on the criteria for how businesses access this funding.
Over £600,000 will be available
Central Bedfordshire Council has been awarded a £628,000 fund over four years. It is allocated as follows:
- 2017/18 – £366,000
- 2018/19 – £178,000
- 2019/20 – £73,000
- 2020/21 – £10,000
The consultation is to determine the criteria for the financial support to businesses.
Business must meet all criteria
It is proposing that to qualify, business owners should meet the following:
Occupying their property and it should have a rateable value of £200,000 or less,
AND
They should have also received a 12.5% increase (or higher) on their 2016/17 bills, after other reductions.
The consultation started on 14 August 2017 and will close on 25 September 2017.
One year at a time
Relief is for one financial year at a time and there will be an application process for each year of the scheme.
Any property not in the rating list as at 1 April 2017 cannot qualify for relief during 2017/18.
The Executive Committee meeting on 10 October 2017 will consider the consultation feedback.
You can have your say by answering the questionnaire on the Council’s website.
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