Budget 2016: win for small businesses
The Chancellor of the Exchequer George Osborne, gave his Budget to Parliament on Wednesday 16 March 2016. Included was the introduction of reduced business rates, in favour of small businesses.
Reduced business rates
Currently small businesses that occupy commercial premises’ including shops, offices, pubs, warehouses and factories with a rateable value of £6,000 or less do not currently have pay any business rates on the property.
Osborne’s 2016 budget has revealed that from April 2017 this figure will be doubled, meaning those that occupy qualifying commercial property with a rateable value of £12,000 or less will pay no business rates at all.
This will be welcome news to small business owners as business rates are one of the biggest overheads for firms behind wages and rental costs.
Business rates for companies with a premises with a rateable value of between £12,000 and £15,000 will also see the benefits as their rates are due to decrease. This is thought to assist a further 250,000 small businesses.
The chancellor claims these changes will save up to £7bn per year for businesses; it appears that the extra funds to replace this will fall to large corporations.
If you’re looking to buy, sell, lease or rent commercial premises in Maidenhead, Windsor, Gerrards Cross, Marlow, High Wycombe and the surrounding towns our commercial agency team are experienced disposal and acquisition agents for the region.
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