Small businesses in Colchester could get a reduction in their rate bills.

Through a national scheme offering a reduction in business rates from April, small businesses with a rateable value of up to £10,000 may qualify for a reduction from their full rate bill.

Those businesses with a rateable value of up to £15,000 will also benefit, if they meet all the criteria for receiving this relief, other than the fact that their rateable value is more than £10,000. They will not need to contribute to the financing of the scheme.

All other businesses will be charged a small supplement to help finance the scheme.

Eligible businesses will need to apply to Colchester Council to register. Application forms will be enclosed with the rate bills, which are due in early March.

Nick Taylor, portfolio holder for assets and resources, said: "The business rate relief scheme is a welcome measure which will help support small businesses in the borough."

The scheme is being introduced following the revaluation of all non-domestic properties.

This process is carried out every five years by the Valuation Office - an agency of the Inland Revenue. The aim is to make sure that individual rateable values reflect any changes that have taken place in the property market.

The business rate bills sent out shortly will reflect the changes to individual rateable values since the last revaluation in 2000.

Paul McMorris, local taxation manager for Colchester Council, said: "Property values can change a good deal between each revaluation. Arrangements are put in place to phase in the changes so that businesses do not face sudden increases in their bills. Both increases and decreases in rate bills are phased in over four years from April 2005."

Call 282300 or e-mail revenue.enquiries@colchester.gov.uk

Published Thursday February 24, 2005

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