New plans announced by Holyrood will see councils in Scotland given the power to set their own business rate relief packages.
The proposal, aimed at giving councils the control over responding to local needs, is one of a number of new measures being suggested.
Following a review being carried out of the current set-up, the Scottish Government has said that it will create a more open and accessible system.
However, many SMEs wanted the overhaul of the system to go further. Andy Willox of the Federation of Small Businesses said:
“We’re slightly disappointed a bolder reform plan hasn’t been developed.”
The move was also only warmly welcomed by the Scottish Chambers of Commerce, with chief executive Liz Cameron saying:
“We welcome the positive response that the Scottish government has made to our proposals for the reform of the business rates regime in Scotland.
“However, the government has missed the opportunity to deliver greater consistency and efficiency. Its success will take time to assess.”
It is widely accepted that the responses to local business needs will be improved by the plans, however. For many firms who have struggled in recent years, it will be welcome news.
Reducing costs and making systems more straightforward wherever possible is essential for businesses today, which is Scottish invoice factoring is on the increase.
With the new plans allowing relief to be better targeted for local businesses, owners will hope they can take even greater control of their finances.
In the next financial year, business rates relief will total £560 million throughout the country.