Council Leader extends Business Rate Payment Term to support businesses

Following Donald Trump's global hike in tariffs, stocks markets have been gripped by uncertainty and instability, while governments and global business leaders work out how to respond.

Councillor Zoe Nicholson said:

"I'm yet to hear or read a single economist in the media who has anything positive to say about Donald Trump's tariff chaos.  While it's easy to think this is all thousands of miles away and the UK has got off lightly, the truth is that the shockwaves are felt everywhere, including in Lewes district - many local businesses - key local employers - will be significantly impacted.

"One measure of several that I'm keen for businesses to access if needed, is the option of making their business rate payments over twelve months rather than ten."

Changes to business rates this year have been introduced at a national level by the government. A key change is the adjustment to the Retail, Hospitality, and Leisure Relief scheme, as announced by the chancellor in the Autumn Budget. While the scheme has been extended for another year, the level of relief available to eligible businesses is reducing from 75% to 40% from 01 April 2025.  Additionally, for businesses with a rateable value of £51,000 or more, the standard multiplier used to calculate the rates liability has increased from 54.6p to 55.5p which is set by the government each year.

Councillor Nicholson added:

"These are difficult and uncertain times, and many government policy changes are not helping at all.

"However, whether extending the terms of payments or challenging a rateable value, it's essential we highlight these options and how businesses can access them."

If a business believes its rateable value is too high, it has the option to request a review through the Valuation Office Agency's (VOA) Check/Challenge process - www.gov.uk/guidance/check-and-challenge-your-business-rates-valuation-step-by-step

To support businesses with budgeting, those currently paying in 10 monthly instalments have the option to spread payments over 12 months instead. If a business would like to arrange this, please email customerfirst@lewes-eastbourne.gov.uk 

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