Small Business Saturday & Business Rates Relief

29th November 2017

Small Business Saturday takes place this weekend and is a campaign that has my wholehearted support. Our economy could not function without our small businesses and the businessmen and women who are behind them. Not only do small businesses make an invaluable contribution to our national growth but they are responsible for nearly half the recent job creation in the UK, meaning that our support to help them survive is essential.

Supporting our local businesses is also vital to the character and wellbeing of our market towns, and I am glad that the Government has taken steps to support them. Indeed, since 2010, the Government has put a business-led recovery at the heart of its plans, cutting Corporation Tax from 28% to 19% with a commitment to reducing it to 17% in 2020.

Alongside this, a business rates reduction package worth £9 billion is being implemented. This will take 600,000 small firms out of the rates system altogether and, along with the increase of the Rural Rate Relief, it means lower bills for thousands more. 

The business rate support package is comprised of three schemes:

·         one that caps the annual bill increase for any ratepayer losing Small Business Rate Relief or Rural Rate Relief as a result of the revaluation to £600;

·         a second that provides a £300 million Discretionary fund for local authorities to distribute over four years to help hard-pressed businesses facing higher rates bills; and

·         a third that gives a £1,000 discount to all pubs with a rateable value of less than £100,000.

I am keen to ensure all our eligible lcoal businesses take advantage of the available reliefs, which are desgined to alleviate some of the financial pressures faced as a result of this year’s rates revaluation. To ensure that they are benefiting from maximum support, affected local businesses should contact the local authority directly to enquire how these schemes could be apply to them.  

 

 

 

Surgery Dates

Geoffrey holds regular surgeries. To book an appointment please click here or call 01822 612925.
 
Saturday 3rd March
Holsworthy, Tavistock
 
Saturday 14th April
Bideford, Torrington