Advice for Businesses (Covid-19)
Following their announcement of a £200 million package of support for businesses on 17 March, the Welsh Government has now announced that they will be providing almost £1.4 billion of support for businesses during this difficult period.
All retail, leisure and hospitality businesses will receive 100% non-domestic rates relief in 2020-21.
In addition to this enhanced retail, leisure and hospitality relief scheme, £850m will be available for a new grant scheme for businesses.
All businesses currently eligible for Small Business Rates Relief – those with a rateable value up to £12,000 – will receive a grant of £10,000. Retail, leisure and hospitality businesses with a rateable value between £12,001 and £51,000 will receive a grant of £25,000.
They are also establishing a hardship fund to provide targeted support for certain other businesses.
Find out more about the Covid-19: Support for Business here.
Business Rates are a form of local taxation payable by the occupiers or owners of commercial properties such as shops, offices, pubs, warehouses and factories.
They are collected by the Council on behalf of the Welsh Government. The money collected is paid into a central 'pool' and then redistributed across Wales to help pay for services provided by all the local authorities.
There are other commercial interests that Business Rates are payable for such as telecommunication masts, advertising rights, cash machines and car parks etc
What is the National Non Domestic Rating Multiplier?
The multiplier is the rate in the pound by which the rateable value is multiplied to produce the annual rate bill for a property.
It is set annually by the National Assembly for Wales and except in a revaluation year cannot by law rise by more than the amount of the increase in the Retail Price Index. The multiplier for 2019/20 is 0.526.
How are my business rates calculated?
Rateable Value £20,000 x Multiplier 0.526 = Rate Bill £10,520
This will give you the gross liability but you may be entitled to certain Reliefs.