Autumn Statement – Some Relief for Rates
He had to do something, and that’s just what George Osborne has done to give a bit of relief to those crippled by non-domestic rates.
Properly targeted at small businesses and at retail, the following come in from April 2014:
- A cap on how rates are going to go up in the future – gee, thanks George
- £1000 off bills of 2014/15 and 2015/16 for retailers (inc food and drink) if your rateable value is under £50,000
- 50% discount for 18 months if you move into retail premises that have been empty for more than a year
- An extension of the doubling of small business rate relief (SBRR)
- Retention for 12 months of SBRR if you go from one to two properties
- Pay over 12 months, not 10
Not going to change many people’s business plans, but worth factoring into high street location decisions from April 2014.