Business rates are to be capped at a maximum of 2% instead of the possible 3.2% linked to inflation with some businesses seeing a discount whilst businesses moving into empty properties in the High Street will have their rates cut by 50%.
The measures, announced in today’s (Thursday 5th December) Autumn Statement by Chancellor George Osborne, will be brought in from next April.
He also announced that businesses will be allowed to pay their business rates in 12 monthly installments and also aimed to clear the backlog of appeals by July 2015. In addition there will also be a revaluation of business rates in 2017.
The Small Business Rate Relief will be extended for a further 12 months from 1 April 2014 and a £1,000 business rates discount to help the High Street will be introduced for small shops, pubs, cafes and restaurants.
With regards to small businesses he also said: “For the smallest firms, no rates at all” which should also help start-ups.
Other measures to help small businesses in Andover include:
- Job Centres to support 16-17 year olds to find an apprenticeship or a traineeship
- National Insurance contributions for under-21s earning below £813 per week will be abolished
- Expansion of Start Up Loans with a target of 50,000 people
- The September 2014 fuel duty increase has been cancelled
Local building companies may also be helped by expansion of the Help to Buy Scheme with Aldermore and Virgin banks who will joining it.
You can read more about the various measures and the statement in full on the Gov.uk website.