‘Business rates’

Business rates increases capped

Wednesday, December 18th, 2013

Our article on the capping of business rate increases appears on the Herefordshire & Worcestershire Chamber of Commerce website.

Please contact Curo’s head of tax, Julia Whelan to discuss these changes further.

Curo Chartered Accountants

December 2013

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Autumn Statement 2013 – Business Rate Measures

Thursday, December 5th, 2013

In addition to the already announced capping at 2% of business rates, Chancellor Osborne introduced a discount of up to £1,000 for retail and food and drink premises with a rateable value of less than £50,000 starting 1 April 2014.

Other measures announced include:

  • Introduction of a 50% business rates relief for 18 months for businesses that move into retail premises which have been unoccupied for a year or more. In order to qualify for the relief, businesses need to move into the empty premises between 1 April 2014 and 31 March 2016
  • Extension of Small Business Rate Relief – now available for an extra year from 1 April 2014 and
  • Small Business Rate Relief (SBRR) on second properties, allowing businesses already in receipt of the SBRR to take on an additional property in order to retain SBRR on the first property for one year, effective from 1 April 2014
  • Promotion of ‘Small Business Saturday’ to encourage consumers to support local businesses

Whilst the measures don’t go as far as many business institutions had hoped and campaigned for, we welcome the announcements made so far and look forward to further measures in next year’s Budget..

Business rates commentary – Autumn Statement 2013

Thursday, December 5th, 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..