Financial aid offered to eligible Welwyn Hatfield businesses facing rates increase
The council has started writing to a number of Welwyn Hatfield businesses eligible for business rates relief to offer them assistance in light of recent increases.
Businesses with a rateable value of less than £200,000, and a net rates payable increase of more than 12.5 per cent, following the April 2017 rating revaluation, will be considered for discretionary relief.
This comes after the Government announced in the March budget that support would be made available for businesses to help them pay their business rates, especially where increases are significantly high.
The limited funding has now been passed down to local authorities, including Welwyn Hatfield Borough Council, to dispense over a four-year period, starting with this financial year (April 1, 2017 – March 31, 2018).
Councillor Duncan Bell, executive member for resources at the borough council, said: “I’m glad that the Government took the decision to lend a hand to smaller businesses who would otherwise have been considerably impacted by business rates increases.
“Instead, we are able to help them through these changes with financial assistance over the next four years – so I urge those businesses we have contacted to complete the application forms they have received and apply for relief.
“There is further relief available as well - small businesses that lost their ‘small business rate relief entitlement’ will have their bills increase capped at £600 per annum.
“We hope to start rolling this out in September.”
Small pubs (with a rateable value below £100,000) will receive a discount of £1,000.
This does not include restaurants and night clubs.
All qualifying pubs have been contacted by the council.
The relief will be backdated to April 2017.
For further information, local businesses can call the business rates team on 01707 357000.