In November 2023, the UK government announced the extension of the Retail, Hospitality, and Leisure Business Rates Relief Scheme for the fiscal year 2024/25. Here's a breakdown of what this means for businesses in England and Wales:
For England:
- Retail relief remains at 75%, capped at £110,000 per business. This means each retail establishment can claim relief on 75% of their rates bill, up to a maximum combined relief of £110,000.
- The total relief received over the past 3 years should not exceed £315,000.
- Detailed guidance specific to England can be found here.
For Wales:
- Retail relief has been reduced to 40%, still capped at £110,000 across all properties in Wales.
- Similar to England, the total relief received over the past 3 years should not exceed £315,000.
- Detailed guidance for Wales can be found here.
Important Notes:
- Relief is administered by local councils, so the process may vary. Some councils automatically apply the relief for the new year, while others require businesses to reapply.
- It's crucial to review your business rates bill to ensure you've received the relief. Once the deadline of 31 March 2025 passes, retrospective applications are not possible.
Stay informed and take advantage of the support available to ensure your business thrives in the challenging economic landscape.
