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New Business Rates Relief Schemes Implemented To Help Smaller Businesses In Royal Greenwich
Three new Business Rates Relief schemes have been implemented in the Royal Borough of Greenwich, to help struggling smaller businesses cope with the rise in their business rates.
The three new schemes are:
- Supporting small businesses: businesses that have received reduced entitlement to Small Business Rate Relief (SBRR) will have their 2017/18 bills limited to an increase of £600 or 5% (whichever is lower)
- Additional Local Discretionary Relief: the Council has been allocated £921,000 for 2017/18 from the government to assist local businesses most affected by the recent increases in business rates. Following on from a survey undertaken earlier this year, the Council resolved to target this additional relief towards smaller businesses. Increases in business rates from 2016/17 to 2017/18 for those with a Rateable Value of less than £28,000 will be capped to an inflationary increase only*
- Relief for pubs: public houses in the Royal Borough with a rateable value below £100,000 may receive a set discount of £1,000.
Councillor Sizwe James, Cabinet Member for Transport, Economy and Smart Cities, said: “We know many of our local small businesses have been struggling intensely with rises in their business rates this year, and it’s vital that we try to support them as much as we can – they play a huge role in sustaining the local economy and in providing jobs for local people. With a rise in trading for Christmas expected soon, we hope that these additional support measures will help them stabilise perhaps an uncertain financial situation, and help them be able to continue to grow.”
What does it mean for individual businesses?
Qualifying businesses will not need to apply - the discount will be awarded to entitled businesses and a revised bill will be sent showing the reduction.
These additional reliefs are being applied to accounts during October – any business that thinks it should have received a reduction and does not receive a revised bill by the end of October should contact the Council’s Business Rates Section at:
The Woolwich Centre
Tel: 020 8921 5221/5906