Businesses rates and changes in the Budget
Cotswold businesses are being advised that business rates bills they are receiving this week do not take into account changes announced in Wednesday’s Budget.
Many small local businesses received good news in yesterdays budget with an announcement of further business rate relief.
Chancellor Rishi Sunak revealed a range of discounts for retailers and hospitality and leisure businesses including pubs for one year as a result of the potential impact of the Coronavirus.
Businesses in the Cotswolds are being advised that business rates bills they are receiving this week do not take into account changes announced in Wednesday’s Budget. This is because the changes are set to be introduced on 1 April but have to be ratified by Parliament. As a result, eligible businesses should continue with the current payment schedule until they receive further instructions via an amended bill.
They will then be reimbursed by the Council in due course.
Cllr Mike Evemy, Deputy Leader of the Council, said: “Regulations require us to issue the letters now so businesses can have 14 days’ notice of what they will be charged.
“It is unfortunate timing but affected businesses can rest assured that any overpayment on their part will be refunded as quickly as possible.”
The changes announced in the Budget include:
- For retail businesses with a rateable value of under £51,000, the discount will be increased to 100 per cent and expanded to include hospitality and leisure businesses for 2021.
- Pubs with a rateable value below £100,000 will enjoy a discount of £5,000 rather than £1,000.
The government is also launching a “fundamental review” of business rates to report in the autumn.