Elmbridge Borough Council has agreed three discretionary schemes to support local businesses which would otherwise face increases to their business rates this year.
From April 2017, the Valuation Office Agency revalued business ratable values and the Government made changes to the Small Business Rate Relief scheme. These changes to Business Rates left some small businesses in Elmbridge facing large increases in their rates. To aid businesses the Government allocated £300m to Councils over the next four years to help businesses facing the biggest increases. Elmbridge Borough Council will receive £827,000 of the government funding in the current year which will all be allocated to local businesses in Elmbridge. The amount of funding reduces in subsequent years to £402,000 in 2018/19, £165,000 in 2019/20 and £24,000 in 2020/21.
- The proposals agreed by Elmbridge Borough Council will establish a discretionary relief scheme for small businesses with a ratable value of less than £200,000 and meet the criteria of this scheme. Approximately 700 local businesses in Elmbridge will benefit in total by £827,000 in 2017/18 on their rates bill.
- A £1,000 discount on business rates for eligible public houses for one year will assist public houses in Elmbridge.
- The Supporting Small Business Relief scheme will cap business rate increases each year between 2017 and 2022 where ratepayers have lost small business rate relief following the revaluation. For 2017/18, the increase in business rates for qualifying small businesses will be limited to £600 or 5% plus inflation, whichever is the greater. This will benefit approximately 85 businesses.
Businesses in Elmbridge that qualify for the discretionary relief scheme and the supporting small businesses relief scheme will receive revised bills by the end of October. Public Houses that are eligible for the £1,000 discount on business rates can apply online from 1 October 2017. For more information see the local schemes page.
Councillor Stuart Selleck, Leader of Elmbridge Borough Council, said: “The Council is pleased to award this temporary relief to small and medium sized local businesses, one of the first agreed in Surrey, to help them cope with recent increases in their business rates. Businesses eligible for relief will receive revised bills by the end of October and public houses will be contacted and invited to apply for the £1,000 discount on their business rates.
“The business rates team at Elmbridge actively supports local businesses and will try to ensure that businesses benefit from the range of relief schemes available to reduce the burden of business rates.”