Around 600 businesses across Mitcham, Morden, Colliers Wood and Wimbledon are poised to benefit from having their business rates cut in half as part of the Council’s scheme to support the local economy and retail businesses.
The money-saving Business Rate Relief Discount, which the council can award to reduce the financial burden on businesses with a lower rateable value, will see retailers, music venues and cinemas all get a 50% discount on their business rates in 2020. The Council’s decision-making Cabinet agreed proposals for the scheme to benefit businesses on Monday evening.
In a further move to delight landlords, around 30 pubs in the area also stand to have £1,000 taken off their business rate bills, after the re-introduction of the Government’s Pub Relief scheme. To qualify for the Pub Relief the rateable value of the premises has to be up to £100,000.
Merton Council Leader, Councillor Stephen Alambritis said: “Even on their own, both these schemes offer practical savings to the small businesses that we want to thrive in the borough.
“Taken together, they show that establishing and running a business here is good financial sense – with support guaranteed from the local council to reduce the burden to smaller firms and retailers, which need our support. We’re very keen to push this decision through as quickly as possible so we can get on with applying the discounts.”
To qualify for the Council’s rate relief scheme, the ratepayer must be in occupation of a property with a rateable value under £51,000. The discount is available to a host of business types, from shops and kiosks to garden centres, dry cleaners, hair salons and restaurants.
You can find out more about the scheme here: