600,000 Small Businesses Benefit from Business Rates Break
Small business have today welcomed the Chancellor’s 2016 Budget, business rates reforms increasing the threshold for 100% business rates relief from £6,000 to a maximum of £15,000. The implication of this is that 600,000 small firms will pay no business rates from 1st April 2017.
The Chancellor also announced that the threshold for benefitting from the Small Business Rates Multiplier will be increased from a rateable value of £18,000 to £51,000.
This will mean that another 250,000 businesses will pay lower business rates from 1st April 2017.
We would urge you to review your current 2010 Business Rates assessment as your current Rateable Value will most certainly have an impact on your 2017 rate liability.
