Hammersmith & Fulham Council is saving small local traders £2.3million in spiralling business rate costs.
The council does not set the business rates in H&F – they are set by the government.
“We’re helping the most hard-pressed local business owners in the borough to stay afloat after the recent business rate increases,” said Cllr Andrew Jones, H&F Cabinet Member for Economic Development and Regeneration.
“We know how hard it is to run your own business. So we’ve made sure all our local businesses aren’t paying more than they have to.”
More than 900 businesses have now benefitted from the council’s relief scheme.
Last year, H&F Council secured the £2.3m of relief money from the government’s Local Discretionary Business Rate Relief Scheme. The council then designed its own scheme which ensured that the money went to the most vulnerable local businesses.
In addition, the council has given £28,000 of business rates relief to 28 pubs in the borough.
Each pub received a £1,000 discount for the 2017-18 financial year if they have a rateable value below £100,000 under the government scheme.
Where do the business rates go?
Business rates are set by the Government. And until recently, all the income raised went to the Government.
In recent years, councils have been able to keep some of the income, but only to replace, in part, funding we used to receive from the Government. However, Government cuts to council funding from been much larger than the new income retained by councils from business rates.
From April, 67 per cent of the money raised will go to the council under the new London wide Business Rates Retention Pilot scheme. This will replace most government grants.
The 33 per cent that remains will go to the government and the Greater London Authority.
Previously, 70 per cent of the money raised from business rates went to the government and the Greater London Authority.
Supporting local traders
There are many other ways the council could give your business a boost as we aim to make H&F the best place to do business in Europe:
H&F Brill Bizz Supply Chain Service
H&F Brill Bizz Supply Chain is the council’s new business support programme that makes it easier for small and medium-sized firms to win lucrative work contracts in the borough.
We’ve had some great success in helping local firms win substantial six-figure contracts with Westfield London.
Need help with your business?
If you would like more information, please contact the H&F Business Desk at business-support@lbhf.gov.uk or call 020 8753 5585.
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