Budget 2018 – Business Rates

Small retail businesses will see their business rates bills cut by a third for two years from April 2019.

The threshold for Small Business Rate Relief (SBRR) has been raised to include properties with a rateable value of up to £51,000. Business rates bills for retailers with a rateable value of £51,000 or less will be cut by third for two years from April 2019.

Small Business Manager, Laura Pain said “It’s been a bruising few years for many of Chesterfield’s independent retailers and many small business owners have been quick to blame the steep rises in business rates that followed the revaluation of the tax in 2017. Although it’s a welcome announcement, time will tell whether it’s enough to revive the UK’s ailing High Streets.” She further commented that “100,000 retail jobs have been lost in the last three years yet not a single M&S or Debenhams – anchor stores bringing in footfall and benefiting all traders – would have been saved by today’s announcement.”

Chartered Tax Adviser, Liz Fisher commented that “One third off the rates bill for those businesses with a rateable value below £51,000 is welcome news for many struggling retail businesses in and around Chesterfield. It will benefit 90% of independent shops, pubs and restaurants, cutting bills by up to £8,000.”

If you wish to discuss anything, please contact one of our Chartered Tax Advisers.