Economy Minister Edwina Hart AM has today announced a £1500 boost for small business in Wales through tax relief.
The Wales Retail Relief Scheme is open to retail, food and drink businesses occupying premises with a rateable value of £50,000 or less. Under the previous scheme eligible business could claim a discount of up to £1000. It can be provided in addition to Small Business Rates Relief as well as any hardship or discretionary relief awarded by the local authority. The relief will be applied against the net bill after the other reliefs have been applied.
Speaking at a campaigning event in Cardiff North with Parliamentary Candidate Mari Williams, Ms Hart said, “despite operating in a difficult economic environment, the Welsh Labour Government is providing the essential support needed to small business.”
“Earlier today, I was pleased to announce my intention to extend the Wales Retail Relief Scheme, boosting the amount eligible businesses receive by up to £1500 for 2015-16. This will give vital support for businesses right across Wales.”
“As well as the extension of the Small Business Rates Relief scheme, the Welsh Labour Government has agreed to continue the cap placed on the business rates multiplier at 2% in 2015-16.
“This is a national priority for the party and what Welsh businesses really need now is two Labour governments working together. We need to end the cost of living crisis that is hurting Welsh families and having a big negative impact on high street business.”
While at the event, the minister made it clear that the Welsh Government had every intention of renewing the hugely successful Jobs Growth Wales scheme when it received EU funding, despite reports to the contrary.
Cardiff North is a target seat for the Welsh Labour party, which is confident it can regain the seat from the Conservatives. Candidate Mari Williams said;
“There are many success stories for Welsh businesses which we can be proud of in Wales. Yet, local small business owners across Cardiff North tell me that they are struggling with rising bills and overheads. They want to grow and employ people but High Street banks aren't backing them.
“Labour will put small businesses first. We will set up a British Investment Bank to lend to small businesses, helping them grow and create jobs.”