If you have retail premises, or are looking for some, a new move by the government could be sure to help you out. They are giving funding to local authorities for a temporary period so that a new type of discount for retail premises can be provided. This discount will apply to premises with a ratable value of up to £50,000.
The relief is worth up to £1,000 a year to all occupied retail premises with a ratable value of £50,000 or less. It will apply for the 2014/15 and 2015/16 financial years to premises that are wholly or mainly being used as shops, restaurants, cafes and pubs.
It is hoped that the new scheme will help encourage new businesses to fill the 327 empty retail premises across Walsall. Traders moving into a vacant property will also be entitled to a 50% discount on rates, under a "re-occupation" relief scheme for properties that have been empty for 12 months, while all firms will be entitled to pay their rates in 12 monthly installments.
The business rate relief scheme is set to continue until 31 March 2016, when central government cease the funding.
Walsall Council has also recieved £100,000 High Street Innovation Fund from the Department for Communities and Local Government to tackle vacant units in the town centre. Nine units were selected and new or relocated businesses moving into them benefit from a package of support including up to six months businesss rate relief, 6 or 12 months' rent free and discounts on a number of services.
Business Rates Enquiry line at Walsall Council is 0300 555 2853
