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Business rates cut ahead of Budget

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Extra business rate reliefs for pubs, music venues, cinemas and offices occupied by local newspapers were announced by the Treasury on 27 January.

13th Feb 2020
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In the Queen’s speech at the opening of Parliament on 19 December, she hinted that changes were going to be made to business rates. The government published further details on 27 January for the enhanced reliefs to become effective as of 1 ​April 2020. 

Why the early announcement?

As business rates are charged annually for the year commencing 1 April, any changes in the reliefs available to small businesses have to be announced with enough time for local authorities to adjust the bills for the financial year.

No doubt the Chancellor would have preferred to keep this particular rabbit in his hat until his Budget statement on 11 March, but that would have caused unwelcome costs for local authorities in having to change bills.

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Replies (3)

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Nefertiti
By Nefertiti
13th Feb 2020 10:04

Too little too late, so many businesses on the High Street have gone into bankruptcy due to ridiculously high Business Rates. Exorbitant parking charges near the High Street have further forced a lot of customers to shop online instead of risking getting a parking ticket.

In short the conservative government and local councils have killed off a lot of businesses and finally they have realised, that it is having a knock on effect on the taxes they used to collect from the once profitable businesses. Only way to describe this situation is that the government and councils lack basic business and financial sense. It is more like a circus now, with clowns running the country.

Thanks (2)
Replying to Nefertiti:
By ireallyshouldknowthisbut
13th Feb 2020 12:00

Id say online has killed the high street, not due to petty concerns about parking etc, but as its simply not a very convenient way to shop. Rent & rates are out of line with the footfall in many places and need to come down sharply, but of course rates follows rents.

The world has moved on, but local councils often stuffed full of retirees have not, and local town centres instead of going with it and transitioning in line with the market and focusing more on restaurants & leisure are clinging onto the past which wont come back, and refusing to rezeone areas from retail to residential.

Thanks (2)
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By AndrewV12
13th Feb 2020 11:03

Well its great news for pubs, now if they reduced a pint of beer to below £4, they might return to better times.

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