Published on Tuesday, 17 March 2020
The Chancellor, Rishin Sunak, announced in the Budget yesterday a significant change to Business Rates with a positive impact for many small businesses. In short, for shops, cinemas, restaurants and music venues together with museums, art galleries, theatres and small hotels and B&B’s no business rates will be payable in the coming year if their rateable value is less than £51,000.
This could present a cash saving of up to £25,000 for some businesses. This is a significant step to help a sector that has experienced many challenges over recent years and who are now faced with the additional and somewhat unknown challenge presented by the coronavirus. The full impact of the Budget announcement needs to be considered further, as does the long term future of Business Rates in their current form.
At Clark Weightman we have experts in Business Rates. If you think we can help please call one of the team on 01482 645522.