Please see the details below of how Mid Sussex District Council will be supporting local SMEs impacted by the revaluation in business rates.
In the budget, the Chancellor announced that funding would be provided to local authorities to allocate to support businesses in the transition to the new rateable values. This funding was confirmed in the summer as £650,000 for Mid Sussex over four years. We have now designed and are implementing our discretionary business rate relief scheme to allocate this funding.
The scheme has a number of principles:
- Money will be targeted at independent, small and medium sized businesses who have had an increase in their business rates this year of £300 or more
- Multinational and national chain companies have been excluded as they will often have had reductions in their rates elsewhere in their estate
- The rate relief will be proportional to the increase in business rates
- To maximise take up and reduce bureaucracy for businesses, there will be no need to apply and relief will be automatically applied to bills (although some businesses may be asked to complete a brief State Aid declaration)
Hundreds of local SMEs will benefit from this scheme and, as a result of the way we have targeted it, eligible businesses will have 52% of the increase in rates cancelled out in the current financial year. The discount will reduce in future years as the Government funding tapers away.
If any business has any queries, support is available from MSDC on 01444 477564 or by emailing [email protected]