Published Monday, 9 October 2017
Waverley Borough Council is sending out revised, reduced bills to help businesses facing the steepest increases to their business rates bill.
The change to the bills follows the Government’s revaluation of rateable values earlier this year, which calculates how much businesses should pay in business rates based on a property’s market value.
The council has been allocated £443,769 this financial year, by Government, to help support small businesses. This is part of a national £300million discretionary revaluation relief fund and will be distributed over four years.
Councillor Ged Hall, Portfolio Holder for Finance, said: “The council is using the fund to help small businesses that need the most help. The revised bills are on their way.
“Some businesses may need more support and so we have created a hardship fund of £50,000 to help them.”
Councillor Andrew Bolton, Portfolio Holder for Economic Development said: “Over the summer we worked with the local Chambers of Commerce to shape how the relief scheme will work in Waverley. Their support and input has been invaluable.”
Find out more about the revaluation, relief and hardship fund on our website: www.waverley.gov.uk/businessrates
Notes to the editor:
Other government schemes to help support businesses include:
- Supporting Small Businesses relief – this is aimed at businesses that have had their entitlement to Small Business Rate Relief reduced or lost. The scheme limits the increase in a rates bill to a maximum of £600 per year.
- The Government’s one year pub relief scheme is available for pubs with a rateable value of less than £100,000. Under the scheme £1,000 is given to pubs to offset any increase business rates.
For further information contact:
Tel: 01483 523296
Web : www.waverley.gov.uk