Supporting businesses affected by national rates revaluation
Media Release : 10 April 2017
Further information about a range of measures to help those Wealden businesses affected by the recent revaluation of business premises will be available online once nationwide guidelines have been finalised.
“Over half of Wealden’s 5,754 businesses could now pay no business rates at all because they qualify for the increase in the Small Businesses Rate Relief,” said Alex White, Head of Customer Services at Wealden District Council. “However, there are some businesses that will see higher bills following the recent revaluation by the Valuation Office Agency.”
In the March Budget, the Government announced a number of extra measures to help those businesses including:
- A £300 million Discretionary Rate Relief Scheme to be distributed by rate collecting authorities.
- A pledge that anyone previously receiving Small Business Rates Relief will pay no more than £50 per month in 2017/18.
- A £1,000 reduction in the annual rate paid by public houses with a rateable value below £100,000.
Full details can be found on the Spring Budget page of the Wealden website.
The consultation period for the first of these new measures has only just ended, and national guidelines have yet to be finalised for all three.
“Once we have details of how the measures will work, we will put the information, on the Business Rates pages of the Wealden website” said Mr White. “We will implement the new reliefs as quickly as possible. In the meantime, businesses should continue to pay the monthly amount that has been set. We also already provide a range of other Discretionary Rate Reliefs which have been worth over £235,000 to local businesses since 2015.”
More information about the Council’s existing Discretionary Business Rate Relief is also available on the Wealden website.
If businesses believe their premises have been incorrectly revalued, they should contact the Valuation Office. You can find out more about challenging a revaluation at the Valuation Agency Office’s website.
As part of the business rate revaluation package, the rate of Small Business Rate Relief has doubled from 50% to 100% for businesses with a rateable value of less than £12,000. Those with a rateable value between £12,000 and less than £15,000 will receive tapered relief. These changes alone are believed to be worth £3.4 million to Wealden businesses. Businesses will need to apply for this. More information is available on the Business Rates pages of the Wealden website.