BID welcomes Business Rates reductions

Published on 14 February 2014

BedfordBID businesses have welcomed good news re BUSINESS RATES (BR) from Central Government.

Christina Rowe Director of BedfordBID said: “There is some good news among these Government announcements and we are now sharing the information with town centre businesses and directing them towards the council for further details.”

The Government will cap the Retail Price increase in Business Rates to 2% for one year from April 1st 2014.

The Government will introduce a BR discount of £1,000 for retail and food and drink premises with a rateable value of below £50,000 for 2 years up to the ‘state aid’ limits from April 1st.

The Government will introduce at 50% BR Relief for 18 months up to the ‘state aid’ limits for businesses that move into retail premises that have been empty for a year or more. Businesses which move into empty premises between April 1st 2014 and March 2016 will be eligible for relief.

The Government will extend the doubling of Small BR Relief for a further year from April 1st 2014.

The Government will relax the Small BR Relief rules to allow businesses in receipt of this but taking on an additional property to retain Small BR Relief on the first property for one year, with effect from April 1st 2014.

The Government will allow businesses to pay BR over 12 months rather than 10 months with effect from April lst 2014. 

For further information contact Debbie Collins at Bedford Borough Council on 01234 276091.

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