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SMALL BUSINESSES ARE BIG BUDGET WINNERS WITH BUSINESS RATE RELIEF

Small businesses were the big winners in yesterday’s Budget announcement with Sheila Smyth from Barford + Co calling the changes “monumental” for small business owners.

A huge 630,000 UK businesses will no longer pay business rates, achieving significant cost savings and, potentially business growth.

“The latest Budget has scrapped business rates for firms occupying properties with a Rateable Value of less than £12,000, which will have a monumental impact on affected businesses and could be a make or break change for a lot of businesses,” says Sheila Smyth, Director of Professional Services at Chartered Surveying and Planning firm Barford + Co.

“Business rates are a constant source of disgruntlement for businesses and it will be a reassuring for so many small businesses that this relief, which until now has only been granted from year to year, has been made permanent,” she continued.

“This business rate relief will help even more businesses with Rateable Values between £12,001 and £15,000 through the tapered relief also announced.  What’s more, the Chancellor has committed to putting measures in place for business rate revaluations to take place every three years, which should achieve a more accurate and realistic system with businesses being charged more appropriately as rental values change relative to one another across the country.”

Barford + Co.’s Professional Services team has many years’ experience working with businesses to reduce their Rateable Values and make sure they are paying the correct level of rates. In one recent case, Barford + Co achieved a business rates saving worth over £1 million for local business Wyboston Lakes.

If you think you might be eligible for the new business rate relief, or have any queries about the amount of business rates you are paying, speak to our Professional Services team for a free, no obligation consultation on 01480 213811.

 

 

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