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Businesses Benefit From Extra Rates Relief

The Welsh Government have confirmed that small businesses already eligible for business rates relief will get an extra £2,500 to help towards the annual costs of business rates

The extra funding from Welsh Government is part of the support package to help small businesses across Wales to save money on their annual business rates.

Mark Drakeford, Cabinet Secretary for Finance announced the plans to help businesses back in December 2018 for the upcoming financial year, in a statement released on the website he spoke about the extension in more detail.

We will make an extra £23.6m of support available in 2019-20 through the high street rates relief scheme to support Welsh businesses – this is in addition to the more than £210m we provide through our other sources of support to help businesses pay their rates bills.

He also went on to comment,

The enhanced high street rates relief scheme will provide support to around 15,000 small and medium-sized businesses in 2019-20. It will be fully funded by the Welsh Government and will provide support of up to £2,500 towards non-domestic rates bills for retail properties with a rateable value of up to £50,000. 
It will reduce rates bills to zero for retail properties with a rateable value up to £9,100 and reduce bills by £2,500 for properties with a higher rateable value.

Business rates are currently being sent out to local businesses, the £2,500 benefit is applied automatically and will be detailed on the Business Rates statement.

Caldicot Town Team have spoken with Bob Greenland and Mark Drakeford regarding this extension and are pleased to see that the Welsh Government is taking heed of the concerns small businesses face and are supporting them.

Full details of the statement released by Mark Drakeford can be found here

Business Rates are managed by Welsh Government and not the county council. Monmouthshire County Council, along with all other local authorities collect the rates on benhalf of government, should any businesses have concerns about their business rates or charges, Caldicot Town Team would be more than happy to assist in finding and answering the questions or challenge decisions on your behalf.

Caldicot Town Team feel that as a small business, its difficult enough to run, without having to spend hours dealing with red tape and issues that arise, we are here to help and are glad to be able to support local businesses.

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