Monmouthshire County Council has welcomed the announcement by Welsh Government of extra support for businesses that are currently struggling with the impact of high inflation, energy costs and the wider cost of living crisis.
For all businesses, the non-domestics rates multiplier, will be frozen for the next two years and there will be a Transitional Relief scheme to help businesses negatively affected by the UK wide business rate revaluation, which takes effect from 1st April 2023. For businesses operating in the retail, leisure and hospitality sectors another Retail Rate Relief Scheme will be available. Rate payers will be eligible for 75% rate relief in 2023/24, up to a maximum of £110,000 (for 2022/23 50% retail relief is available).
Paul Griffiths, Monmouthshire County Council’s Cabinet Member for the Sustainable Economy said:
“Our town centres are major assets for our County. They attract visitors and are essential for the quality of lives of all our residents. We recognise the challenges facing businesses in our towns as they recover from the pandemic, face up to a fall in consumer spending and respond to internet competition. We are working with all our towns to make them attractive places for us to come together and do business.
“The Welsh Government’s support for businesses paying non domestic rates is very welcome and will give us all a window of opportunity to make our Town Centres fit for the next decade. The County Council is working with all the major towns in the county, their businesses and town councils, to develop, visions for their future which will lead to place-making investments.”
There are still businesses in the hospitality, retail and leisure sectors that have not applied for the 50% discount on the current year’s non-domestic rates (up to a limit of £110,000 across all properties occupied by the same business). If you think that your business may qualify visit https://www.monmouthshire.gov.uk/business-rates/ to review the criteria and complete an online application before March 31st 2023.
