More small businesses should apply for rate relief, says Hackney Head of Revenue David Umney at the Hackney Business Forum on Thursday.
Businesses valued between £15,000 and £50,999 are eligible for small business rate relief (SBRR), which is discounted from their business rates bill. “We know other business could make it but they don’t apply” said Mr Umney.
If the rateable value of a business is under £12,000, a 100% rate relief on their liability is applied.
From April 2019, small retail businesses will see their business rates bills cut by a third for two years, a move Mr Umney said is “aimed to help the High Street.”
However, “We don’t have the key details yet”, such as what defines a retail business, added Mr Umney. “It is likely that we will try to contact the businesses that we think would be entitled to the relief”.
Other speakers included David Taylor of Tower Theatre Company, discussing the theatre’s shows and relocation and Grace Graham and Orleans Duncan of the Federation of Small Businesses (FSB).
The event was the first Hackney Business Forum held at the Stoke Newington Town Hall from 6pm-8pm.
For more information on how to apply click here.