Extra rate relief for borough’s small businesses
Hundreds of small businesses in Telford and Wrekin will be contacted by the Council outlining a number of new business rate relief in measures announced as part of the budget last week.
Telford & Wrekin Council is writing to all businesses who they believe could qualify for small business rate relief, particularly after new business property values are applied by the Valuation Office from April.
This relief is available to reduce business rates bills for some small businesses and could include:
• A new discretionary fund for those hardest hit by business rate revaluation.
• A limit of £50 per month increase in business rates for those businesses who will lose small business rate relief or rural rate relief as a result of the revaluation.
• A £1,000 discount for pubs with a rateable value below £100,000 – this would affect almost 140 borough pubs
The small business rate relief scheme is being extended from 1 April 2017.
The changes announced in the budget last week came after the Council has printed most of its bills and some of the changes are still awaiting further guidance from Government.
Cllr Lee Carter said: “Business rates are set by Government but collected locally by councils like us for government.
“We want to make sure that typically smaller businesses who seem to be most affected by the rise in business rates are fully aware of the help that is available to them.
“We think that many high street traders could benefit from this and are encouraging businesses to apply for this and make sure they are getting the maximum relief available to them.
“Small businesses play a very important part in our economy and we want to make sure that everyone is aware of the support available and applying for what they are entitled to."
Applications for small business rate relief can be made at www.telford.gov.uk/businessrates while the Council will also be working with business organisations to help publicise the support that is out there.
The Council’s Cabinet will also consider new proposed national guidelines for awarding discretionary rate relief for businesses at its meeting on 23 March 2017.