News from ISSBA
Wednesday, 18 March 2020 14:05

2020 Budget Update - Ipswich Borough Council

The Business Rates team at Ipswich Borough Council have put together a very short summary of the current position in relation to the business support measures announced last night. They are expecting the full guidance from Government on Friday 20th March, but are already working on producing revised bills and setting up processes for managing this support.

Please click below to read the summary which should hopefully answer some of the questions that businesses have been asking about how to get access to this support.

In response to COVID-19, the Government announced that it would provide additional business rate support. The Chancellor announced, as a temporary measure for 2020/21 that Ipswich Borough Council

  • Businesses in the retail, hospitality, and leisure sectors will pay no business rates in 2020-21. In the Budget, the only businesses in these sectors exempt from business rates were those with rateable values of less than £51,000. The “business rates holiday” will now be extended to all businesses in these sectors regardless of rateable value.
  • Businesses in the retail, hospitality and leisure sectors with rateable values of less than £51,000 will also receive a cash grant of up to £25,000.  
  • All businesses in receipt of small business rates relief – regardless of sector – will be eligible for a cash payment of £10,000 (an increase on the £3,000 announced in the Budget last week).

These changes will have effect for 2020/21. The Government will provide the Council with further guidance shortly.

The Council will automatically issue new bills to all those ratepayers who qualify for the Business Rates holiday. If you do not receive a new bill and believe you should be entitled to this relief please email business.rates@ipswich.gov.uk.

If you pay by direct debit and are concerned that your payment will be taken, please cancel your direct debit with your bank.

As more detail is received in respect of the grants, the Council will ensure that ratepayers are aware of their entitlement and the process for claiming these.

This information is also available on their website - https://www.ipswich.gov.uk/content/2020-budget-update.