Free cash for local businesses
Published: Thursday, 23rd November 2017
Businesses in the borough are being encouraged to come forward and claim their slice of a £678,000 cash pot.
The relief money has been given to the council to distribute between businesses qualifying for support following the 2017 revaluation.
All businesses believed to be eligible for the support have been written to directly – 870 in total – but most of the money is yet to be claimed and it cannot be used in any other way.
The Royal Borough is committed to encouraging a growing and diverse range of businesses in the borough and wants owners to respond as soon as possible to make sure they don’t miss out.
The funding for businesses is ‘first come first serve’ and by 31 March 2018 any funds businesses have not claimed must be returned to the Department for Communities and Local Government (DCLG).
Cllr Jack Rankin, cabinet member for economic development and property and deputy for finance, said: “The borough thrives when business thrives so if there is anyone who thinks they might be eligible to save money I would encourage them to get in touch.
“This really is a no-brainer – it’s quick and easy to apply and could save local businesses thousands of pounds.
“We’ve got £678,000 to return to businesses and we want to hear from them as soon as possible so we can put this money back into their pockets and let them get on with what they do best.”
The Royal Borough is also able to give pubs a flat £1,000 discount on their business rates and wants to hear from any landlords who have yet to return the applications issued to them earlier in the year to see if they could receive this help.
There is no limit to the number of pubs in the borough that can receive the discount.
Cllr Rankin added: “We know margins are often tight for businesses like pubs so being able to save £1,000 on business rates could be a real help.”
Anyone who thinks they are eligible for support or has received a form and wants to know more can email: [email protected]rbwm.gov.uk
To qualify for the pub relief, the premises must have a rateable value of less than £100,000 and be open to the general public for the purchase of drinks without food.
To qualify for the revaluation relief a business’ rateable value should be less than £200,000 and they need to have seen an increase of more than 12 percent in the business rate bills this year.
To qualify for the Supporting Small Business relief the rateable value must be less than £51,000.