Business rates to be revised
Wyre Forest District Council has said it will issue revised business rates bills for 2020-21 for business affected by the budget announcement as soon possible.
The move comes after the Chancellor announced in his budget Wednesday 11 March, that small businesses including retail, leisure and hospitality firms will not pay any business rates in the coming year. Companies with a rateable value of less than £51,000 will be eligible.
Councillor Graham Ballinger, Leader of the Council said: “We are waiting for full details of the announcement to be made by the Ministry for Housing, Communities and Local Government. Once this has been provided, we will be able to start issuing the revised bills.”
The authority also expects to administer the Government grants of £3,000 for small businesses with rateable values below £15,000.
Councillor Ballinger continued:
“Because state aid rules include a cap on the amount of financial aid a businesses can be given we may need to confirm this before making the small business grant payments. This means that payments may not be automatic. “
As part of the budget the Government also announced it will provide Local Authorities in England with £500 million of new grant funding to support economically vulnerable people and households in their local area. Wyre
Forest District Council is awaiting more details of how this will be allocated but will be looking to operate an enhanced welfare support scheme.