Big Changes to Business Rates
Supporting our local businesses is vital to the success of our local economy, creating jobs and keeping our town centres thriving hubs of choice and activity. A reality for businesses is the recent revaluation of premises and, for many, a sizeable increase in Business Rates bills. Although the government have increased the threshold for 100% small businesses rate relief, there are still many businesses facing large hikes.
There is relief available through capping the increase and a £300m discretionary rate relief where councils will have flexibility as to where to apply additional support. From 2019, councils will retain all Business Rates instead of the current 50%. This is a significant shift in how local authorities are funded and emphasises the importance of local councils working in harmony with the business sector.
I am fortunate to be on a national local government working group looking at Business Rates and would be happy to pick up any issues or questions readers may have.