Small firms benefit from Rate-Relief
More than 10,000 small businesses in Wales will benefit from a £7 million package of additional rate relief announced by the Welsh Assembly Government.
The Welsh Assembly Government’s local government minister Dr Brian Gibbons said that the package is a result of its commitment to increase the number of smaller businesses benefiting from the small–business rate–relief scheme introduced last year. The extension of relief will save money for approximately 10,600 businesses.
Since April 2007, businesses with a rateable value of £2,000 or less have received 50% relief on their rates bills, while those with a value of between £2,001 and £5,000 have received 25% relief.
Businesses eligible for rate relief are required to contact their local authority, which will send them a notification form to complete to show that they meet the requirements. The reduction will then be applied to their next rate bill.
The changes, which are to be backdated to 1 April 2008, include:
- increasing the upper rateable value limit for businesses eligible for a 25% reduction from £5,000 to £6,500, reducing their bills by between £583 and £757.
- introducing a 25% reduction for smaller retail premises including shops, pubs and restaurants with a rateable value of between £6,501 and £9,000, reducing their annual bill by between £757 and £1,049.
- introducing a 50% reduction for child–care businesses and day nurseries with a rateable value of up to £12,000, reducing their bill by between £466 and £2,796.
“The package will help small, independently owned shops, public houses, and food outlets, and will boost the provision of child care for working parents,” said Dr Gibbons. “The rate relief provides around £7 million worth of additional assistance for businesses, which is in line with our One Wales agenda commitment.”
To find the rateable value of your property, visit the Valuation Office Agency website
For more information about business rates in Wales, visit the government–funded website My Business Rates