With Liz Truss appointed as the new Prime Minister, her plan to provide additional rates relief to small businesses by increasing the threshold of small business rates relief from £15,000 to £25,000, is a token gesture and doesn’t go far enough at a time when businesses are facing unprecedented increases to their energy costs.
Richard Gibala
, Director & Head of Business Rates at Aitchison Raffety, comments, “Whilst Truss’ team expects this will help an additional 200,000 businesses in England, as always, the devil will be in the detail. Unless Truss implements a change to how SBRR is applied, there will be many businesses within this threshold who won’t qualify for the relief due to the current rules.”
“Only those businesses who occupy a single property will qualify, whereas those with two or more properties will receive no relief and will still have to pay full rates.”
If you are unsure of how these proposed changes may impact your liability or for any other Business Rates enquiries, contact our business rates team at rating@argroup.co.uk.