The vast majority of businesses in Bury are not giant multi-nationals or even giant UK companies. Most are small or medium sized companies. There are hundreds of small enterprises in retail, manufacturing or services. One of the most frequent complaints I receive from these small businesses is about the amount of rates they have to pay on their premises. This is a particular problem for small retail units who are having to battle to survive against Internet retailers.
The government announced last year it would carry out a review of the way business rates operates and it has now completed that review. The good news for hundreds of small businesses in Bury is that the temporary Small Business Rate Relief scheme is to be extended from 50% to 100% and the scheme is to be made permanent. Businesses in a property with a rateable value of less than £12,000 will now pay no business rates at all. Those with a rateable value between £12,000 and £15,000 will receive tapered relief