Emergency abolition of business rates.
From suspending business rates, cutting the Jobs Tax, reforming Entrepreneurs’ Relief, freezing fuel duty and supporting employers through coronavirus – this was a Budget for small business and the self-employed. – Federation of Small Businesses.
Small businesses here in Streatham have been extremely anxious about the impact of the coronavirus outbreak, they have been hit with back to back challenges in the last year and especially in the last three months.
Most have experienced slow trading, supply chain problems and shortage of staff. The hospitality sector has been particularly affected by the outbreak and the measures announced today is a step towards supporting the UK economy.
Businesses including shops, cafes/restaurants, with a rateable value of less than £51,000 will be eligible for the business rates break. Additionally, businesses eligible for small business rates relief will be allowed a £3,000 cash grant – a £2bn injection for 700,000 small businesses.
High Street business rates will be reviewed later this year.