Funding available for businesses hit by recent rates revaluation

09 May 2017

Business

Secretary of State, Sajid Javid has announced the creation of the Business Rates discretionary relief fund. The fund will be made available to businesses who have been adversely affected by the recent rates revaluation, effective since the 1st April. Business revaluations usually happen once every 5 years, and occur when the Valuation Office Agency (VOA) adjusts the rateable value of business properties to reflect changes in the property market. After a valuation is made, the bill is issued to businesses and may or may not increase.

To help combat the financial strain on businesses, central government have set aside funds for Local Authorities which can be claimed back if they offer a hardship relief fund to businesses who are struggling because of the revaluation.

St. Helens Council are considering a local scheme to support affected businesses. If you have views on how this should be implemented, or have been adversely affected, contact Tracy Mawson on tracy.mawson@sthelenschamber.com

Businesses who operate from non domestic properties such as shops, bars, offices, warehouses and factories are charged business rates by the local council. As well as the proposed hardship relief fund there are a number of other ways that businesses can apply to have their rates reduced for example: rural and charitable rate relief.

As announced by the Chancellor of the Exchequer in the Spring budget, the government is also considering a £1,000 discount for public houses with a rateable value up to £100,000 and capping the amount paid by businesses coming out of small business rate relief. These initiatives have been delayed until after the General Election in June.

To find out more about how to apply for business rates relief click here