The autumn statement issued by the Chancellor on 6th December 2013 held good news for all small businesses and other businesses looking to expand in the retail, pub or restaurant sector.
Firstly the small business rates relief at the current rates of 100% under £6000 Rateable Value (RV) reducing to 0% up to £12,000 RV will continue for a further year. This is double the usual relief which is 50% reducing to 0% for the same RV figures.
Secondly if you are a ratepayer who currently receives small business rates relief and are looking to expand but are put off by the rates you will have to pay, you can think again. It was announced that when an additional property is taken by a business currently in receipt of the relief they will continue to receive their existing small business rate relief for 12 months after the occupation of the additional property.
Thirdly the statement introduces a discount of £1,000 for shops, pubs and restaurants with a RV of below £50,000 for two years up to the state aid limits. This will apply from 1st April 2014.
The last relief announced is for businesses who take on a retail property which has previously been vacant for at least 12 months. The ratepayer will receive a 50% reduction in their rates bill for the first 18 months of occupation.
We currently have a prime shop on Minster Street, Salisbury which would qualify for the 50% relief for 18 months, if you would like any further information on this property or rating advice please contact Woolley & Wallis on 01722 330333.