News: Rotherham businesses given more time to pay business rates

Businesses will be able spread payment of this year's inflation up-rating to business rates over three years, under new legislation announced by the Government. Under existing legislation business rates are adjusted every April in line with the Retail Prices Index for the previous September. The new measures are designed to smooth the effects of the spike in inflation of 5 percent in September, which would have seen businesses facing an impact on their cash flow this year. As a result, businesses will be able to pay a 2 per cent annual increase in 2009-10 and the remaining 3 per cent over the following two years. The Chancellor of the Exchequer said: "The Government recognises that businesses need help now to ease their cash flow at a time when money is very tight. This measure will help businesses to smooth their rates payments over the next few years to deal with the effects of the recent spike in inflation." Secretary of State for Communities and Local Government Hazel Blears said: "It's vital that we support businesses as they navigate their way through this tough financial climate. The steps we are taking today will provide them with real help now, by giving them the flexibility to defer part of this year's increase in business rates, and manage the financial pressures that they are facing."

DCLG website
Rotherham Council business rates
Rotherham