New tax schemes to help businesses are being introduced following government guidelines and a change in policy.

Hertsmere Borough Council approved three new schemes following a full council meeting.

Business rates go towards local services that are charged on all non-domestic properties and are the equivalent to council tax on these properties.

These rates are usually reassessed every five years by the Valuation Office Agency, but the latest evaluation is the first in seven years has taken place after the Chancellor announced the spring budget in April.

The first initiative is the Supporting Small Businesses Scheme which will help smaller firms that face a large percentage increase in their business rate bills.

This has been introduced for companies affected by the loss of small business rates relief and looks to cap the increase to £600 for the 2017/18 billing year.

The businesses eligible for this scheme were identified using government guidelines to implement the test, have had their accounts recalculated and have been sent their updated bills.

The second scheme, called Revaluation Support, looks to provide relied for businesses paying higher bills as a direct result of the revaluation and the council will be notifying all businesses eligible for this scheme.

Companies will have until the end of December to apply for this assistance. After this, the council will know how many applicants stand to benefit from the scheme and bills will be recalculated.

The final venture available to businesses is a £1,000 discount on business rates for pubs with a rateable value of up to £1,000 for one year from April 2017.

The pubs already identified as eligible for the £1,000 discount will automatically receive this discount and reduced bills will be sent out to them during October.

For more information contact the Business Rates team on 020 8207 7409 or online at www.hertsmere.gov.uk/businessratesbudgetmeasures.