New retail discount scheme to help Preston businesses
Help for businesses in Preston is available from April 2019 with a new two year retail discount scheme for business rates.
The Government announced details of the retail discount scheme in the 2018 Autumn Budget. In Preston in year one it’s likely to help over 500 businesses, with discount amounting to approximately £1.67m. The discount equates to one third of the business rates bill.
The types of property that will benefit are those with a rateable value less than £51,000 that are mainly used as shops, predominantly for sale of goods to the public such as bakers, florists, newsagents, opticians etc. Also restaurants, cafes and drinking establishments are likely to qualify.
Eligible businesses need not apply for the discount, which will hopefully already be deducted from the amount they pay when they receive their bill in March 2019.
Cabinet member for resources and performance at Preston City Council, Councillor Martyn Rawlinson, said:
"I’m sure this will be welcome news for eligible businesses in Preston. It can only help small and medium sized companies in terms of retaining local staff, and to reduce their overheads during a difficult period for the high street.
"The council will be following its fairness principles ensuring that all businesses in the city, especially those in the more deprived areas, will be treated equally when applying the retail discount."
Full details on this scheme can be found on the GOV.UK website.