The government’s business rate revaluation has been challenging for many, with a lot of businesses experiencing significant increases in their rates bills. The latest information on the business rates revaluation can be found on Southwark Council's website, where they have set out the key facts about the changes and how they will affect your bill.
The Leader of the council wrote to the Chancellor in March setting out concerns over the impact on Southwark’s small businesses, and in the subsequent budget a number of measures were announced to help businesses during the transition to the new rateable values. These are:
- Businesses that lose their entitlement to Small Business Rates Relief will have their rates increases capped at £50 per month.
- Pubs with a rateable value below £100,000 will get a discount of £1,000 on their rates bill for 2017/18.
- Local authorities will be given a fund of £300 million to give discretionary relief for individual businesses in their area.
Local authorities have been informed that the measures may now be implemented and Southwark Council is working to put the changes in place as quickly as possible.
In the meantime we know that many businesses have received significant increases in their bills and may be struggling to pay. If this applies to you then please contact the council’s business rates team so they can discuss it with you further.
Business rates are set by central government, and the council will see no financial benefit from the increase in rates collected in Southwark this year. Furthermore, the levy you pay to Better Bankside will not be affected within our current five-year term (2015-2020).