{"id":25680,"date":"2024-01-16T12:06:56","date_gmt":"2024-01-16T12:06:56","guid":{"rendered":"https:\/\/smh.group\/?p=25680"},"modified":"2024-01-16T15:27:03","modified_gmt":"2024-01-16T15:27:03","slug":"business-rates-relief-extensions-and-cuts","status":"publish","type":"post","link":"https:\/\/devstagesite.co.uk\/smhgroup\/business-rates-relief-extensions-and-cuts\/","title":{"rendered":"Business rates relief: extensions and cuts"},"content":{"rendered":"<p><strong>The Autumn Statement in November outlined a set of measures aimed at easing the impact of business rates in England and on the Scottish islands. Unfortunately, Wales will not benefit from similar provisions.<\/strong><\/p>\r\n<h2><strong>75% relief rules<\/strong><\/h2>\r\n<p>Retail, hospitality and leisure properties that do not qualify for small business rates relief currently receive a 75% business rates discount, subject to a cap of \u00a3110,000 for each business. This relief is to continue throughout 2024\/25.<\/p>\r\n<p>Property will typically qualify for relief if the business is mainly being used as a:<\/p>\r\n<ul>\r\n<li>Shop;<\/li>\r\n<li>Restaurant, caf\u00e9, bar or pub;<\/li>\r\n<li>Cinema or music venue; or<\/li>\r\n<li>Gym, spa or hotel.<\/li>\r\n<\/ul>\r\n<p>There is an equivalent scheme for Welsh retail, hospitality and leisure property, but for 2024\/25 the discount has been reduced to 40%. There is no equivalent relief for Scottish or Northern Irish business property. However, Scotland has announced a new 100% relief for hospitality businesses situated on the Scottish islands.<\/p>\r\n<h2><strong>Multipliers<\/strong><\/h2>\r\n<p>A business rates bill consists of a property\u2019s rateable value multiplied by a multiplier (or poundage). For 2024\/25, the small business multiplier (rateable value below \u00a351,000) is again frozen at 49.9p. However, the standard multiplier (rateable value over \u00a351,000 or more) is being uprated by 6.7% to 54.6p.<\/p>\r\n<p>Given inflation has now dropped to 3.9% (November 2023), the 6.7% increase for the standard multiplier is not going to be favourably received.<\/p>\r\n<ul>\r\n<li><strong>Scotland<\/strong>: The basic multiplier has been frozen, but higher value properties will see poundage increased by 6.7%.<\/li>\r\n<li><strong>Wales<\/strong>: The multiplier will see an across-the-board increase of 5%. This will be painful for smaller businesses, especially as the Welsh multiplier at 56.2p is the highest in the UK.<\/li>\r\n<li><strong>Northern Ireland<\/strong>: No announcement as yet, and, in any case, rate poundage varies across council<\/li>\r\n<\/ul>\r\n<p>&nbsp;<\/p>\r\n<p>To summarise the various outcomes:<\/p>\r\n<table>\r\n<thead>\r\n<tr>\r\n<th>\u00a0<\/th>\r\n<td>England<\/td>\r\n<th>\u00a0<\/th>\r\n<td>Scotland<\/td>\r\n<th>\u00a0<\/th>\r\n<th>\u00a0<\/th>\r\n<th>Wales<\/th>\r\n<\/tr>\r\n<\/thead>\r\n<tbody>\r\n<tr>\r\n<td>\u00a0<\/td>\r\n<td><strong>RV below \u00a351,000<\/strong><\/td>\r\n<td><strong>RV \u00a351,000 or more<\/strong><\/td>\r\n<td><strong>RV up to \u00a350,000<\/strong><\/td>\r\n<td><strong>RV \u00a351,001 to \u00a3100,000<\/strong><\/td>\r\n<td><strong>RV \u00a3100,000 or more<\/strong><\/td>\r\n<td>\u00a0<\/td>\r\n<\/tr>\r\n<tr>\r\n<td><strong>Retail, hospitality and leisure relief (all subject to a cap of \u00a3110,000)<\/strong><\/td>\r\n<td>75%<\/td>\r\n<td>75%<\/td>\r\n<td>100% (islands only)<\/td>\r\n<td>100% (islands only)<\/td>\r\n<td>100% (islands only)<\/td>\r\n<td>40%<\/td>\r\n<\/tr>\r\n<tr>\r\n<td><strong>Multiplier<\/strong><\/td>\r\n<td>49.9p<\/td>\r\n<td>54.6p<\/td>\r\n<td>49.8p<\/td>\r\n<td>54.5p<\/td>\r\n<td>55.9p<\/td>\r\n<td>56.2p<\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\n<p>&nbsp;<\/p>\r\n<p>Details of the various business rates reliefs available in England can be found <a href=\"https:\/\/www.gov.uk\/apply-for-business-rate-relief\" target=\"_blank\" rel=\"noopener\">here<\/a>.<\/p>\r\n<p>Our\u00a0<a href=\"https:\/\/devstagesite.co.uk\/smhgroup\/chartered-accountants\/\" target=\"_blank\" rel=\"noopener\"><strong><span style=\"text-decoration: underline;\">Yorkshire and Derbyshire based Accounting &#038; Business Advisory<\/span><\/strong><\/a>\u00a0can assist on\u00a0<strong>0114 266 4432<\/strong>\u00a0or\u00a0<span style=\"text-decoration: underline;\"><a href=\"mailto:info@smh.group\"><strong>info@smh.group<\/strong><\/a><\/span><\/p>\r\n","protected":false},"excerpt":{"rendered":"<p>November\u2019s Autumn Statement included a package of measures to help alleviate the burden of business rates in England and on the Scottish islands, but Wales won\u2019t be so fortunate.<\/p>\n","protected":false},"author":4,"featured_media":23855,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[3],"tags":[728,83,11,106,14],"class_list":["post-25680","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-smh-accounting-business-advisory","tag-business-advice","tag-chartered-accountants","tag-hmrc","tag-making-tax-digital","tag-tax-planning"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - 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