Camden businesses to benefit from council business rates lobbying
Camden has fully implemented all the Government reliefs aimed at businesses impacted by the 2017 Business Rate revaluation, after being one of the first in London to introduce the extra small business relief with approximately 6,400 Camden businesses set to benefit.
In September 2017, the Council’s Cabinet agreed to introduce a range of measures, funded by Government, to mitigate the impact of the Government’s April 2017 revaluation of business rates after drawing up new plans in consultation with the business community.
The 2017 revaluation of business rates by the Government had led to significant increases in rateable values (AVG), of on average around 30% in Camden, which, even after other discounts and transitional relief had been applied, led to increases in bills for over 11,000 premises, which included office-based businesses, shops and local pubs.
“The design of our discretionary scheme has ensured that approximately 6,400 businesses benefit from the scheme without needing to apply, reducing bureaucracy and ensuring businesses benefit immediately. Revised bills have been issued and the average relief this year is £800. A further 338 pubs and small businesses benefit from two other targeted relief schemes.
“Whilst this relief is welcome, we remain concerned about the impact of the 2017 revaluation on the borough’s and London’s economy and the increasing burden placed on London to fund national finances and will continue to challenge Government to reform the outdated business rates system to help our high streets.”
Under the scheme:
- 6,394 businesses have received one of six fixed amounts depending on the increase in their bill, an average saving of £800.
- Many businesses in big commercial districts of the borough such as Holborn, Bloomsbury and Camden Town qualify for the relief, helping to support the borough’s vibrant and varied areas of commerce.
- 119 Camden pubs, that have a rateable value of below £100,000 are also covered by the scheme and have received a £1,000 discount on their bills, further supporting an integral part of the borough’s business and heritage.
- A further 219 small businesses are benefiting from the new relief scheme for small businesses who lost small business rate relief due to the revaluation.
Councillor Richard Olszewski continued:
“Camden’s businesses have faced an average valuation increase of more than 29% and even after all discounts and transitional relief are applied, 11,000 business premises face an increase in bills.
“Taken together with the impact of Brexit, we are committed to supporting our businesses through the difficult and uncertain years ahead and continue to urge for a fundamental review of the business rate system to enable a more flexible and devolved approach to achieving inclusive economic growth for the benefit of all.”
Simon Pitkeathley, Chief Executive of Camden Town Unlimited Business Improvement District said:
“The cost of doing business in London is increasing and our outdated system is sending the wrong signal to the capital’s small companies.
“Many are struggling after the revaluation earlier this year, so we will continue to make the case for a modern rates system that helps businesses thrive.”
You can read more information on the council’s website.