{"id":19975,"date":"2020-03-10T12:55:29","date_gmt":"2020-03-10T12:55:29","guid":{"rendered":"https:\/\/smh.group\/?p=19975"},"modified":"2023-02-15T13:49:42","modified_gmt":"2023-02-15T13:49:42","slug":"business-rates-boost-ahead-of-budget","status":"publish","type":"post","link":"https:\/\/devstagesite.co.uk\/smhgroup\/business-rates-boost-ahead-of-budget\/","title":{"rendered":"Business rates boost ahead of Budget"},"content":{"rendered":"\n<p><strong>Following heavy\nlobbying from business groups, changes to business rates were announced at the\nend of January, ahead of the March Budget, to come into effect from 1 April.<\/strong><\/p>\n\n\n\n<p>Business rates run annually from 1 April,\nmeaning that late Budget on 11 March would leave very little time for local\nauthorities to adjust their systems for any changes. The Chancellor had to\npre-empt his Statement and announce the reforms early for new council bills to\nbe sent out on time.<\/p>\n\n\n\n<p>The reforms will be welcome news to many\nbusinesses. From 2020\/21, the retail discount on rates rises to 50%. Part of a\npackage of measures intended to help small businesses and rejuvenate high\nstreets, small shops and caf\u00e9s will see a reduction in their rates bills by\nhalf as they also benefit from the cut. The relief has been extended to cinemas\nand music venues with rateable value below \u00a351,000 alongside other qualifying\nbusinesses. An existing discount of \u00a31,500 for local newspaper premises is also\nbeing extended for another five years.<\/p>\n\n\n\n<p>After a decade of falling numbers, pubs in\nparticular should see a boost from an additional \u2018pub relief\u2019 of a \u00a31,000\ndiscount on businesses with a rateable value of less than \u00a3100,000. Around\n18,000 pubs are expected to benefit from the changes, which, coupled with the\nmain rate reform, could see a saving of up to \u00a313,500. The reliefs are subject\nto state aid rules that apply generally to larger pubs, and are applicable only\nin England. The devolved governments in Scotland, Wales and Northern Ireland\ncontrol their own small business rates.<\/p>\n\n\n\n<p>The timing, however, has already proven a\nstumbling block. While the rate reductions should be automatic, some councils\nhave flagged that their system will not be ready to implement the correct\nbilling in April. Businesses may not see the discounted amount they expect and\ncould have to apply to their local councils to receive rebates later in the\nyear.<\/p>\n\n\n\n<p>Further reforms of <strong><span style=\"text-decoration: underline;\"><a href=\"https:\/\/devstagesite.co.uk\/smhgroup\/chartered-accountants\/taxation\/\">business rates<\/a><\/span><\/strong> are expected to be announced in the Budget.<\/p>\n\n\n\n<p>Keep an eye on our Budget summary that will be published soon.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Following heavy lobbying from business groups, changes to business rates were announced at the end of January, ahead of the March Budget, to come into effect from 1 April.<\/p>\n","protected":false},"author":4,"featured_media":16881,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[3,4],"tags":[180,290,19,74],"class_list":["post-19975","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-smh-accounting-business-advisory","category-chartered-tax-advisers","tag-budget","tag-business-rates","tag-tax","tag-tax-relief"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - 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