Have your say on business rate relief
Central Bedfordshire Council is consulting on a new scheme which could see many small businesses get money back/discount on their business rates.
In April this year, many businesses saw their business rate bills – the commercial equivalent of council tax – increase after a revaluation of property value by the Government.
The Government is now making a £300m relief fund available to help small businesses worst hit by the revaluation. Local councils are expected to decide on the criteria for businesses to access this funding.
Central Bedfordshire has been awarded a £628,000 over four years and is consulting on the criteria for distributing the financial support to businesses. It proposes that to qualify, businesses owners should be occupying their property and it should have a rateable value of £200,000 or less, they should have also received a 12.5% increase, or higher, on their 2016/17 bills, after other reductions.
Cllr Richard Wenham, Deputy Leader and Executive Member for Corporate Resources, said: “We welcome this funding from Central Government to help small businesses following the Government’s recent business property revaluation. It’s important that the relief is awarded in a fair and equitable way and is supportive of those businesses that have been hit the hardest. As a Local Authority, we want to help our small businesses to grow so we have thought carefully about the criteria that we are proposing for Central Bedfordshire, but welcome feedback from businesses and the public alike on this matter.”
The consultation runs to 25 September 2017 - fore more information and to access the consultation click here.