High street small businesses to get £1,500 boost
30 December 2014
An additional £500 business rate discount for retail, food and drink businesses on the high street was announced on 5 December by George Osborne, which takes the total discount from the current £1,000 to £1,500 in 2015/2016.
Local authorities already apply the £1,000 discount to an estimated 30,000 eligible retail and food and drink premises such as drycleaners, hairdressers, cafes and shops. The additional discount will be available for businesses in properties with a rateable value below £50,000.
In his Autumn Statement, the Chancellor announced the introduction of a total of £1 billion worth of measures to help businesses with the cost of business rates, which is expected to help 1.8 million firms. These include the doubling of small business rate relief for a further year to 31 March 2016 to provide support for 575,000 of the smallest businesses and ensuring 385,000 small businesses pay no rates; capping the rise in the business rates multiplier to benefit all businesses; and extending transitional rate relief to support 16,000 small businesses facing significant bill increases due to the ending of transitional rate relief.
Referring to the UK’s second ‘small business Saturday’, Mr Osborne said it was a “brilliant initiative”. Do you support small businesses on your local high street?