As part of the revaluation package, the rate of Small Business Rate Relief has doubled from 50% to 100% for businesses with a rateable value of less than £12,000. Those with a rateable value between £12,000 and less than £15,000 will receive tapered relief.
Alex White, Head of Customer Services at Wealden District Council said:
Over half of Wealden’s 5,754 businesses could now pay no business rates at all because they qualify for the increase in the Small Businesses Rate Relief. However, there are some businesses that will see higher bills following the recent revaluation by the Valuation Office Agency.
In the March Budget, the Government announced a number of extra measures to help those businesses including:
- A £300 million Discretionary Rate Relief Scheme to be distributed by rate collecting authorities.
- A pledge that anyone previously receiving Small Business Rates Relief will pay no more than £50 per month in 2017/18.
- A £1,000 reduction in the annual rate paid by public houses with a rateable value below £100,000.
The consultation period for the first of these new measures has only just ended, and national guidelines have yet to be finalised for all three.
Mr White added;
Once we have details of how the measures will work, we will put the information, on the Business Rates pages of the Wealden website. We will implement the new reliefs as quickly as possible. In the meantime, businesses should continue to pay the monthly amount that has been set. We also already provide a range of other Discretionary Rate Reliefs which have been worth over £235,000 to local businesses since 2015.
More information about the Council’s existing Discretionary Business Rate Relief is also available on the Wealden District Council’s website: www.wealden.gov.uk.
If businesses believe their premises have been incorrectly revalued, they should contact the Valuation Office. You can find out more about challenging a revaluation at the Valuation Agency Office’s website.