Financial relief spells good news for West Oxfordshire businesses

Positive news is due to land on the doormats of more than 300 retail businesses in the district as West Oxfordshire District Council writes to inform them of the increased business rate relief they will receive in the new financial year.

350 properties have been identified as qualifying for 50 per cent relief from business rates, equating to approximately £1.65m of savings for shops, cafes, hairdressers, florists and other essential local retail services. Each qualifies by nature of the fact they are a retail business in a property with a rateable value below £51,000.

The government introduced the retail discount last year but has increased it from 33 per cent to 50 per cent from 1 April 2020.

In a further boost to local communities, the council will also be writing to a further 92 businesses in the district to let them know that pub relief has been reintroduced for 2020. Any qualifying licensed premises with a rateable value under £100,000 will be eligible for £1,000 in addition to the retail discount.

Cllr Toby Morris, Deputy Leader of the Council, said: “I’m delighted that our business rates team has been able to quickly and efficiently administer this rate reduction. Our local pubs and high streets are essential in rural communities like ours and I hope that this will go some way toward helping them safeguard their ability to provide their essential services in towns and villages across the district.”

In both instances, owners of eligible businesses have been identified by the council and will be informed by post in the week commencing 9 March.

Anyone who does not receive a letter and thinks they should have; anyone who believes they have been wrongly identified as qualifying and anyone who chooses not to receive the benefit, should contact the Business Rates Team on 01993 861070