BRIGG COUNCILLOR WELCOMES BUDGET

The Chancellor’s Budget  brought good news for small businesses, says North Lincolnshire Council, as the government announced reforms to business rates that will mean more than 2,100 small businesses will not pay any business rates from 2017.

Coun Rob Waltham (Brigg & Wolds), Deputy Leader of North Lincolnshire Council, said:  “This is great news for small businesses across North Lincolnshire. The early years of a new business are often the most difficult, so this will be very welcome to thousands set to benefit.

“We want to encourage more smaller businesses to North Lincolnshire. We are doing incredibly well in attracting large-scale investment that is creating thousands of jobs and training opportunities. But we must not forget the smaller business on the High Street (mostly independent traders) – market stall holders, cafes and restaurants, pubs and clubs, community centres, day nurseries and guest houses.

“Doubling the threshold for small businesses to £12,000 will mean that more than 2,200 properties will not pay any business rates at all. And 3,100 businesses altogether will benefit from some form of rate relief to help get them started."

North Lincolnshire Council issued the following statement: 

The Chancellor’s budget yesterday brought good news for small businesses in North Lincolnshire as the government announced reforms to business rates that will mean more than 2,100 small businesses will not pay any business rates from 2017.

The deal includes doubling small business rate relief from 50 per cent to 100 per cent.
The numbers of business that will receive relief will increase as the threshold has also been raised. Now businesses eligible for small business relief with a rateable value of £12,000 or under will pay no rates (previously under £6,000).
Eligible businesses with a rateable value between £12,000 and £15,000 will be able to apply for small business relief and pay part rates.
And the small business rate multiplier will be extended to all businesses with rateable values up to £51,000 rather than up to £15,000.
In North Lincolnshire this means that, on current valuations:

• 2,217 properties will now pay no rates (up from 1,686)
• A further 222 could apply to pay a partial small business rate
• And a further 670 will pay the Small Business Rate rather than the Standard Rate
• In all that potentially benefits 3,109 businesses

These figures illustrate the current position which could change when all properties are reassessed in the current revaluation exercise for implementation in April 2017. This is a periodic review made by the Valuation Office in which rateable values could change.