Business Rates Retail, Leisure and Hospitality Rates Relief – still time to apply
Powys businesses in the retail, leisure and hospitality sectors still have time to apply for a rate relief scheme that will see their business rates bill reduced.
The Business Rates Retail, Leisure and Hospitality Rates Relief scheme for financial year 2024/25, which is administered by Powys County Council, has seen 920 businesses in the county receive the 40% relief which has reduced their business rate bills by £2.8m.
However, with £150,000 remaining in the scheme, it is estimated that around 100 businesses are yet to apply.
Now the council is urging remaining eligible businesses to apply for the rate relief for this financial year.
The Welsh Government scheme, which supports Powys businesses in recovering from the impacts of the pandemic and the ongoing economic challenges including high inflation rates, offers eligible occupied businesses a discount of 40% on the business rates bill for a property.
The scheme will apply to all eligible ratepayers with a relief cap for all business properties up to a maximum of £110,000.
The business must be in the retail, leisure, hospitality or tourism sectors, for example shops, pubs and restaurants, gyms, performance venues and hotels.
The rate relief scheme is available until March 31 2025. Businesses who meet the eligibility criteria must apply for this rate relief.
Councillor David Thomas, Cabinet Member for Finance and Corporate Transformation, said: “I’m delighted that over 900 Powys businesses have seen their business rate bill reduced after applying for the rate relief, with total relief awarded to date of £2.8m.
“It continues to be a real difficult time for those businesses in the retail, leisure and hospitality sector with the continuing challenging economic times they face while trying to recover from the effects of the pandemic.
“This scheme does support businesses in these sectors so I would urge those remaining businesses who haven’t applied to do so as soon as possible.”
Further information on the scheme, including the application form and how to apply, can be found online by searching Business Rates: Retail, Leisure and Hospitality Rates Relief 2024 / 2025 at www.powys.gov.uk
