County councillors have vowed to take action on ballooning business rates after a draft valuation could mean some businesses will be forced to stump up almost double.

The Valuation Office Agency’s (VOA) latest assessment has seen some Monmouthshire business rates increase by a bloated 40 percent from next April.

The rates a business must pay are based on its rental value at the time of the last valuation in April last year, which is meant to reflect changes in the property market since 2010.

Deputy Leader Bob Greenland, the cabinet member for enterprise said, “As an authority keen to celebrate the county’s business excellence we will summon an urgent meeting with the VOA to raise our concerns. 

“Although the authority is unaware of a procedure to lodge an appeal on behalf of the businesses within its county boundaries, we will seek answers about why our businesses appear to shoulder a higher proportion of the rates burden liability in Wales”.

One of the council’s four major priorities is to support enterprise, entrepreneurship and job creation.

 

The draft rateable values are currently available on the VOA website. Businesses in Monmouthshire are encouraged to check theirs by November 30 and inform the VOA of any inaccuracies. 

Firms will be unable to appeal their rateable value until the start of the new financial year next April.

Nick Ramsay, AM for Monmouth, said, “A number of local businesses have contacted me stressing the serious effects that higher business rates will have on their businesses.

“The last thing we want to see is local businesses going to the wall, with less revenue being received, so we will all be worse off. Even if increases are phased in, many local businesses will struggle to survive with any further increases in their rates.

“Business rates revenue is collected centrally by the Welsh Government, and I’m asking the Welsh Government to explain the local rises some of our businesses are facing, and to see what can be done to cap the rises.”

 

The Welsh Government plans to limit the impact of the revaluation by offering a transitional relief, although some properties currently receiving Small Business Rates Relief will no longer qualify.

Ministers are consulting on a transitional relief scheme to phase in changes to individual rates bills for properties receiving Small Business Rates Relief. 

This consultation closes on Friday, 4th November.