Newham Council has agreed to continue providing business rates relief to small businesses in the borough up to 2021.
The Business Rates Discretionary Revaluation Support Scheme, which will save businesses as much as £417.46 in 2019/20, has been extended following a meeting of Newham Council’s Cabinet this week (Monday 21 January).
The scheme has been in place since 2017 and supports small businesses that saw their business rates increase as a result of the 2017 revaluation of the commercial properties. Currently 733 companies in Newham are eligible for the support, which has been extended for a further two years.
In 2017, the Council was granted £2.6million of government funding for the scheme for use between 2017 and 2021 – a total of £350,000 is available between 2019 and 2021. This funding will be part of Newham Council’s wider drive to help build wealth locally by supporting the borough’s business community.
Councillor Terence Paul, Cabinet member for finance, said: “I am delighted that we are able to continue this support for our small businesses across the borough.
“This scheme is a part of this administration’s commitment to make Newham a beacon of community wealth building.
“It will allow our small businesses within Newham to thrive and keep wealth within our local economy.”
The scheme is open to business properties with a rateable value between £15,000 and £50,999 and experience a business rate increase of more than two per cent following the 2017 revaluation. The scheme will not be open to a variety of businesses, including betting shops, pay day lenders or amusement arcades.
Support of £417.46 will be available to the 733 eligible businesses in 2019/20, with £60.03 on offer in 2020/21.
The business rates team at Newham Council will be contacting those eligible businesses directly with further details on how to apply in due course.