Over 2,000 businesses in the Brent are set to benefit from a reduction in their business rates, thanks to a new Brent Council scheme approved by its Cabinet.
The new business rates scheme allows small and medium-sized businesses in Brent a discount of up to 5 per cent off their annual bills and comes in response to Government-imposed revaluation of rates in April, which has left many businesses in the borough facing higher bills, with increases averaging around 12 per cent.
Under the scheme, which took into account business feedback through a consultation in May and June this year, eligible Brent businesses who have seen their rates increase as a result of the revaluation can apply for a reduction in their rates, which will be funded through a £1.878m government grant over four years.
Cllr Shama Tatler, Brent Council’s Cabinet Member for Regeneration, Growth, Employment and Skills, said: “The government’s revaluation of business rates has left local businesses facing higher bills, greater challenges and has in effect put local jobs at risk.
“This scheme which Brent Council’s Cabinet approved last night, demonstrates how the council is standing alongside local businesses and will help to provide some respite to those businesses who need it the most, to ensure that business owners and staff can continue to make an honest living.”
Brent Council has identified 2,200 businesses in the borough and will be writing directly to them to invite them to make an application for rates relief before the January 2018 deadline.
The approved discount scheme applies to the 2017/18 financial year, but a further scheme will be made available to help businesses next year.