Changes to business rates

Napthens - April 3rd 2014

A number of changes to business rates took effect on 1 April. The changes are summarised as follows and could result in significant savings for many operators:

  • A £1,000 business rate discount will apply to pubs, restaurants, local shops and cafes, which have a rateable value below £50,000 for two years, up to the state aid limits
  • A 2% cap on business rate inflation increase
  • Businesses will be allowed to pay their bills over 12 instalments instead of 10.
  • A 50% business rates relief for 18 months (between 1 April 2014 and 31 March 2016) for businesses that move into retail premises that have been empty for twelve months or more.
  • The doubling of the Small Business Rate Relief will be extended for a further twelve months until 31 March 2015.