Financial support for firms affected by business rates revaluation

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Mansfield firms affected by an increase in their business rate bill could be in line for finanacial aid.

Mansfield District Council has established a new £360,000 scheme to support small local businesses that are most affected by this year's business rates revaluation.

Rates are one of the biggest outgoings for many small businesses after rent and staff costs.

The revaluation, which came into force in April this year, was intended to rebalance some £3.6bn of rates across the country, leaving London bills higher but cutting rates in regional towns and rural areas.

The Discretionary Business Rates Relief scheme will offer financial support to those business ratepayers who can least afford the increases in their business rate bill.

Over the next four years the council will distribute £360,000 of funding - provided by the Government - to help eligible local businesses to reduce some of the financial challenges they face.

Councillor Roger Sutcliffe, Mansfield District Council's portfolio holder for finance said: "The funding from this new scheme will really help small businesses, in particular those which have been most affected by their increased business rates. Along with the Government, we want to do all we can to encourage the entrepreneurial spirit and help our local firms to stay in business.

"It is crucial that we provide support to our local business community where we can, as they are key partners when it comes to providing goods and services, creating jobs and boosting the local economy. I would urge business owners to check if they're eligible and make an application if they haven't yet done so."

Application forms are being sent to ratepayers who may qualify for this relief. Local businesses which may be eligible, and have not received an application form by October 31 2017, should go to: http://www.mansfield.gov.uk/businessratesreductions scroll down to Local Discretionary Relief Scheme and submit an application using the form on the right of the page.