Published: Thursday, 19th October 2017
The schemes will help struggling smaller businesses cope with the rise in their business rates.
The three new schemes are:
Supporting small businesses
Businesses that have received reduced entitlement to Small Business Rate Relief (SBRR) will have their 2017/18 bills limited to an increase of £600 or five per cent (whichever is lower).
Additional local discretionary relief
The Council has been allocated £921,000 for 2017-18 from the government to assist local businesses most affected by the recent increases in business rates. Following on from a survey undertaken earlier this year, the Council resolved to target this additional relief towards smaller businesses.
Increases in business rates from 2016-17 to 2017-18 for those with a Rateable Value of less than £28,000 will be capped to an inflationary increase only.
Please note: Only businesses that were in occupation of their premises on 31 March and 1 April 2017 will be entitled. Certain businesses will not qualify for this reduction (for example pay-day lenders and large national organisations).
Relief for pubs
Public houses in the Royal Borough with a rateable value below £100,000 may receive a set discount of £1,000.
What does it mean for individual businesses?
Qualifying businesses will not need to apply - the discount will be awarded to entitled businesses and a revised bill will be sent showing the reduction.
These additional reliefs are being applied to accounts during October - any business that thinks it should have received a reduction and does not receive a revised bill by the end of October should contact the Council's Business Rates Section at:The Woolwich Centre,
London SE18 6HQ
'Vital that we try to support businesses as much as we can'
Councillor Sizwe James, Cabinet Member for Transport, Economy and Smart Cities, said: "We know many of our local small businesses have been struggling intensely with rises in their business rates this year, and it's vital that we try to support them as much as we can - they play a huge role in sustaining the local economy and in providing jobs for local people.
"With a rise in trading for Christmas expected soon, we hope that these additional support measures will help them stabilise perhaps an uncertain financial situation, and help them be able to continue to grow."