Business rates commentary – Autumn Statement 2013

No secret was made that increases to business rates are to be capped at 2% from 1 April 2014 although the Chancellor seemed to go one step further in his bid to support smaller businesses.

Comments Julia Whelan, head of tax at Curo Chartered Accountants “It is encouraging that the Chancellor is backing smaller businesses with a one year extension to the Small Business Rate Relief and we also welcome the introduction of a business rates discount worth up to £1,000 for qualifying smaller businesses.

“In addition, measures such as this Saturday’s first ever  ‘Small Business Saturday’, akin to the US-style ‘Black Friday’ shopping day will provide a huge boost to the bottom lines of many local retailers as the appetite for supporting these over the larger chains continues to grow.”

In a bid to ease cash flow, businesses will now be able to spread business rate payments over 12 rather than 10 months..