Local Shops Welcome £1,000 Rates Discount

 Local shops have welcomed the announcement that 300,000 retail businesses will be eligible for a rates discount of £1000.

Guidance for local authorities published today spells out which types of retail businesses, this includes standalone convenience stores, post offices and petrol forecourts will be entitled to the new discount, if they are below the rateable value threshold.

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 of £50,000 or below.

ACS Chief Executive James Lowman said: “This is a practical and effective measure to support thousands of businesses in high streets and communities throughout the country. The business rates discount will help shops to stay open and encourage investment and job creation.

"We welcome the fact that the discount will apply equally to petrol forecourts and post offices below the threshold."

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.

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 full guidance document can be found here: https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/275589/Business_Rates_Retail_Relief_guidance.pdf

This entry was posted by Chris on Wed, 29/01/2014 - 09:00