Help for those businesses who saw a large hike in rates
I know a number of businesses in Porthleven and the surrounding area saw some eye-watering increases in Business Rates after the Valuation Office Agency (part of HMRC) reviewed the current tariffs. In a process that is little better than rolling a dice and multiplying the figure by that number thrown, the method of justifying an increase is if an area is successful in terms of shop space demand, and doing well, then the Valuation Office Agency can charge more.
In combating these hikes, I am pleased to say Cornwall Council is going to use a £2.72 million business rate relief fund to help as many businesses as possible. This funding is Cornwall’s share of a national business rate relief fund announced in the March Budget to support businesses facing a steep rise in their rates as a result of the 2017 revaluation
It has been agreed to assist all businesses with a rateable value of less than £200,000 whose business rates have increased by more than 12.5% following the revaluation. This will provide 50% discretionary rate relief on the increase in rates in 2017/18, decreasing over the following three years on a pro rata basis as funding is reduced. The scheme is expected to help 875 businesses.
Qualifying businesses will see the relief awarded against their gross bull after any other reductions have been taken into account. My suggestion would be for anyone who believes they should get this help is to contact Cornwall Council’s Business Rates dept.