..and help for Harlow businesses as well with £1000 taken off tax bill

Business / Wed 29th Jan 2014 at 08:00am

IN a further measure to back business, 300,000 retail businesses are eligible for a new special retail discount, worth £1000.

New guidance for local authorities published today spells out which high street businesses will be entitled to the new discount.

Retail premises are eligible for a £1,000 discount in 2014 to 2015 and 2015 to 2016. These businesses must also be occupied and have a rateable value, used to calculate bills, below £50,000.

Councils should now automatically include the discount in the business rate bills they are sending out shortly so all eligible businesses receive their centrally funded tax break. Business specifically excluded include payday lenders, betting shops and pawn brokers.

This discount can be used on top of other measures announced by the Chancellor, that will come into effect in April, to reduce the tax burden on small business. The measures amount to the biggest package of support in over 20 years.

A £1 billion high street support package was unveiled in December 2013 to support British business. This included:
capping the annual Retail Price Index (RPI) increase in bills at 2 per cent in 2014 to 2015 – businesses were expecting a 3.2 per cent rise
extending the doubling of the Small Business Rates Relief to April 2015

Small business rate relief has also been extended to including small firms taking on an additional second property (for up to a year), helping helping an estimated 3,000 businesses expand; a reoccupation discount of 50% off business rates bill for 18 months for new occupants of retail premises previously empty for a year or more allowing businesses to pay their bills over 12 months, rather than 10, to help every firm with their monthly cash flow;

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