Business rates set to fall in Bedford town centre

Business rates for all retail and hospitality premises are set to fall in the town centre from April 1.

The change has come after the Valuation Office Agency (VOA) revalued the rates that all businesses pay and the Government chose not to increase rates by inflation.

Central Government sets business rates, and Bedford Borough Council is required to collect them.

The council then keeps 49% of the business rates it collects – 50% goes back to the Government and the remaining 1% to Bedfordshire Fire and Rescue.

Retail, Hospitality and Leisure business rates relief will also rise under the scheme, increasing from 50% to 75% during 2023/24.

But it will be subject to a cap of £110,000 per eligible business.

The council will contact businesses directly to make them aware of their new charges in the next few months.

If you own a business in Bedford borough you can sign up for an online business rates account here

Bedford Borough Council, which has been pushing for a reduction, has welcomed the announcement.