Financial relief spells good news for Cotswold businesses
Positive news is due to land on the doormats of more than 400 retail businesses in the district as Cotswold District Council writes to inform them of the increased business rate relief they will receive in the new financial year.
413 properties have been identified as qualifying for 50 per cent relief from business rates, equating to approximately £1.8m of savings for shops, cafes, hairdressers, florists and other essential local retail services. Each qualifies by nature of the fact they are a retail business in a property with a rateable value below £51,000.
The government introduced the retail discount last year but has increased it from 33 per cent to 50 per cent from 1 April 2020.
In a further boost to local communities, the council will also be writing to a further 84 businesses in the district to let them know that pub relief has been reintroduced for 2020. Any qualifying licensed premises with a rateable value under £100,000 will be eligible for £1,000 in addition to the retail discount.
Cllr Mike Evemy, Deputy Leader of the Council and Cabinet Member for Finance, said: “I’m delighted that our business rates team has been able to quickly and efficiently implement this rate reduction. Local pubs and high street businesses are the lifeblood of our Cotswold communities and I hope that this reduction will help them to continue providing their valued services to residents and visitors in towns and villages across the district.”
In both instances, owners of eligible businesses have been identified by the council and will be informed by post in the week commencing 9 March.
Anyone who does not receive a letter and thinks they should have; anyone who believes they have been wrongly identified as qualifying and anyone who chooses not to receive the benefit, should contact the Business Rates Team on 01285 623000.