Businesses in East Northamptonshire are following the national trend of enjoying record levels of discounts from their rates bills.
Latest figures (November 2015) show that in the last year, councils across the country have paid out over £3 billion in business rate discounts and reliefs for local companies – a £221 million increase on the previous year.
This means the total amount of business rates actually paid by businesses has gone up by less than 1% in the last year – less than half the rate of inflation.
In East Northamptonshire, the council fully supports the local business rate discount scheme:
- 1030 small businesses receive rate relief totalling £1.9 million
- extending the extra small business rate relief scheme has meant that 736 small businesses pay no rates at all
- 273 retail businesses with a rateable value threshold of £50,000 or below now receive up to £1,500 discount from business rates
Leader of East Northamptonshire Council, Steven North, said:
"The power for local councils to give business rate discounts was brought in with the Localism Act and we’re totally committed to supporting local business by ensuring that all reliefs and discounts are awarded where possible. This proactive approach has resulted in East Northamptonshire businesses benefitting financially which helps to boost enterprise and economic activity in the district."
To find out if your business could benefit from rate relief, visit our Business page.