An important new measure has recently been announced by the Welsh Assembly Government that will help local businesses with their business rates during this difficult economic period.
The Assembly Government is allowing businesses across Wales to opt to limit business rate increases to only two per cent this year, as opposed to the five per cent increase originally planned. The remaining three per cent will be payable over the next two years.
The changes will mean that up to around 100,000 businesses in Wales could benefit - with an overall saving in the region of £24million this year.
The process
- Discussions will now take place with the Treasury, Welsh Local Government Association and Welsh business on the detail of the arrangements.
- The necessary regulations should be in place by July.
- Council’s across Mid & West Wales will then write to all businesses in the area offering them the option to defer payments. Until then businesses will need to keep paying their business rates in the normal way.
- Local authorities will not be required to re-bill businesses as a result of these changes
These proposals are in addition to the Assembly Government’s previous decision to offer £20m in rate relief to small businesses in Wales and to temporarily increase rate relief on empty properties in 2009-10. These measures came into effect from the start of April.
Further information about how the Assembly Government is assisting businesses during the economic downturn can be obtained by going to www.business-support-wales.gov.uk or by calling 03000 6 03000.
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