As of 1 April 2019, and in an effort to boost the high street, the Government introduced a new retail discount scheme which could reduce business rates by a third.
Your business should qualify where:
• It is a shop, restaurant, café, bar or pub; and
• Has a rateable value of less than £51,000.
This retail discount scheme is available for both the 2019-20 and 2020-21 tax years. Note other businesses could qualify at the discretion of the Council.
If you currently are eligible for any other business rates relief, as outlined below, you will continue to receive these on top of the retail discount scheme.
• if your property has a rateable value of under £12,000 you will be eligible for 100% relief.
• If your property has a rateable value between £12,000 and £15,000 the rate of relief will go down gradually from 100% to 0%.
• If your property has a rateable value between £15,000 and £51,000 your rates bill will be calculated using the small multiplier of 48p instead of the standard 49.3p.
Action: Check your rates bills to see if any reliefs have been missed or if you consider your rateable value is wrong and contact your local council.