Six months after it was introduced the £1,000 business rates discount for local shops, cafes, restaurants and pubs (up to a rateable value of £50,000) is estimated to be giving nearly 300,000 premises across the country more than £272 million of tax relief this year.

It is estimated that 1,800 properties in Buckinghamshire will receive the £1,000 business rates retail relief; that’s 530 in Aylesbury Vale, 600 in Chiltern, 270 in South Bucks and 400 in Wycombe.

What should businesses do if they think they might be eligible for the business rate relief? Retail business owner and Buckinghamshire Business First board member, Guy Lachlan, owner of Jones and Cocks, has this advice: “I would remind every retail business to check their latest bill or contact their District Council to ensure the rebate has been correctly applied. When I did this, I was expecting the Spanish Inquisition but it was actually 100% hassle-free, so retailers should have no fears in speaking to their council about this.”

The retail sector in Buckinghamshire is both big and burgeoning, accounting for 6.4% of the total GVA of Buckinghamshire in 2013. This is forecast to rise to 6.5% in 2014. There are approximately 22,300 people in employment in the retail sector in Buckinghamshire, accounting for over 10% of total employment in the county. By District Council this breaks down as follows: Aylesbury Vale – 6,500; Chiltern – 3,500; South Bucks – 3,300; Wycombe – 9,000. Since the 2008 recession, retail has seen the greatest rise in the number of unemployed people seeking work in it out of any other sector.

The latest business legislation is covered regularly in the Buckinghamshire Business First newsletter, while you can also read more about business rates within each District Council on the Buckinghamshire Business First support tool. Simply click on ‘Red Tape’ and ‘Business Rates’.