Business can check bills to see if they are eligible for support
EHDC Leader Cllr Richard Millard has warned the Government that some businesses will face ‘potenitally crippling consequences’ when business rates bills hit the mats in March.
In an open letter to Chancellor of the Exchequer, Rachel Reeves MP, Cllr Millard said that the increases would be a ‘body blow’ for struggling businesses and could have damaging consequences for the local economy.
A three-yearly revaluation by the Government has meant that many businesses will see their business rates go up significantly.
Read our letter to the Government on business rate rises
A wide range of schemes are available to help ease the transition into the higher business rates, but the overall impact is likely to be hard on many businesses.
Cllr Millard said: “The increase in business rates bills have come at just the wrong time for our businesses and I have written to the Government to lay out just how worried I am about the impact this will have on the local economy.
“Business are already struggling to contend with inflation and market uncertainty - now the increase in the rateable value and the removal of the Retail, Hospitality and Leisure Relief.
“The Government now expects businesses to swallow more expense that could have a potentially crippling effect on some.
“EHDC sends out the bills but it does not set business rates. There are some schemes available to support businesses that are struggling with bills and we have included an explanatory letter with the bills that sets out what support your business is eligible for. I urge people to read that.”
Support is available through progammes such as the transitional relief scheme and the supporting small business relief scheme. Eligible businesses will see details on their bill.
More information on all these schemes and more can be found on the council’s website.
The revaluation means that some businesses will see their bills increase by £800 or by a percentage dictated by their rateable value, whichever is the greater.
- Businesses with a rateable value of less than £20,000 will see an increase of 5
- Businesses with a rateable value of less than £100,000 will see an increase of 15%
- Businesses with a rateable value of more than £100,000 will see an increase of 30%
Of the 4,020 businesses in East Hampshire, 183 have a rateable value over £100,000.
In addition to this, the Retail, Hospitality and Leisure Relief, providing eligible businesses with 40 per cent rate relief, will come to an end on 31 March 2026.
Other than business rate reliefs, a wide range of national and local schemes are available to support businesses including financial assistance, advice and guidance.
To find out how to access this support head to EHDC’s website: www.easthants.gov.uk