Applications can now be taken from Lambeth small businesses for financial support on business rates.
Many of South Bank’s businesses were hit hard by the 2017 revaluation of business rates, with an average increase in bills of 35%. Both Lambeth and Southwark Council have dedicated funds allocated for 2019/20 financial year to assist businesses faced with rating revaluation and a subsequent rise in business rates. Applications can now be taken again and Lambeth small businesses are advised to apply as early as possible.
South Bank BID has a proven track record in assisting its levy payers to secure funding through the fund application process. Through our work in 2017/18, we have helped 69 businesses in the South Bank BID area receive discounted rates through the process, totalling £400k.
Research commissioned by South Bank BID demonstrated that cafes, restaurants, bars and hotels were hit hardest by the increases, with some suffering up to 200% rises. Along with other business groups across London, South Bank BID campaigned hard to get Government to recognise the severe impact of the revaluation, including a call for fundamental changes to the current system. In response to targeted lobbying, the Government released additional funding to local authorities, to help businesses with their business rates increases.
We want to ensure that all eligible businesses can benefit from Lambeth Council’s business rates support scheme, therefore we are here to support any business that is looking to make an application to the Council. If you would like to know more about whether you may qualify for hardship funding on your business rates, and if you want to discuss how best to progress an application, please contact us now.
More details on the scheme can be found here.
Please note that Southwark Council operates a different system and has automatically applied borough-wide discounts to eligible businesses.
Please contact Shahrukh here in the South Bank BID team if you would some advice and help in completing the application form.
Shahrukh can be contacted at Shahrukh.firstname.lastname@example.org.
As always, we are ready to help any South Bank BID member in understanding the impact of the rises in business rates. Do get in touch: BID@southbanklondon.com