Many of South Bank’s businesses were hit hard by the 2017 revaluation of business rates, with average increases in bills of 35%. 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 the business rates increases. Last year, Lambeth Council launched its business rates support scheme, worth almost £3 million for local businesses in the current year.
South Bank BID wants to ensure that all eligible businesses can benefit from Lambeth Council’s business rates support scheme. We are here to support any business that is looking to make an application to the Council. We have helped several businesses to date, and all have been successful! Any discount awarded will be applied to your 2017/18 business rates bill.
More details on the scheme can be found here.
Please note that Southwark Council operates a different system and has applied borough-wide discounts to 2017/18 bills.
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.email@example.com.
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 – you can contact us at: BID@southbanklondon.com
We encourage you to make an application, and we are here to help you!