Today, the Chancellor, Rushi Sunak has announced a major reform to the business rates structure as part of the 2020 budget.
Business rates are often a significant burden faced by many small to medium commercial businesses who occupy high street premises as they struggle to compete with online retailers. In an attempt to boost the economy and alleviate fears surrounding coronavirus, the Chancellor has today announced the government’s plans to cut business rates to zero for businesses whose rateable value is below £51,000.
The above business rates cut would ordinarily assist shops, cinemas, restaurants and music venues although the Chancellor has today announced plans to extend this policy to those in the leisure and hospitality sectors such as art galleries, caravan parks and small hotels.
As a further incentive for small businesses, the Chancellor has announced that a grant of up to £3,000 will be available to those businesses who already do not pay business rates due to the small nature of their business.
The Chancellor has also noted the government’s intention to review the current business rates structure in its entirety to boost the growth of UK businesses.
If you would like to discuss how this may impact your business, please contact us by calling 01206 700113 or email [email protected].