The government has introduced extra help for small businesses facing business rate rises.
"It's positive that the Chancellor has recognised the importance of small businesses to the UK economy by capping increases at £50 a month for those firms losing their Small Business Rate Relief in the planned revamp of business rates," said Ian Stinson, Partner at Smith & Williamson."We know that many SMEs operate on extremely tight margins, so any significant increases to business rate bills could threaten their survival. The overall £435m in extra relief pledged by the Chancellor to those businesses facing sizeable increases in business rates is therefore much-needed.
"Giving local councils a dedicated fund to offer discretionary relief to the worst-hit firms sounds good on paper, but it is vital that this it doesn't result in endless red tape for time-pressed business owners.
"However, the business rate system still needs a radical overhaul. While the measures announced by the Chancellor will provide short-term reprieve to many small businesses, it’s essential that in the longer-term a fairer and more straightforward tax is introduced.
Read more on the Spring Budget 2017
By necessity, this briefing can only provide a short overview and it is essential to seek professional advice before applying the contents of this article. No responsibility can be taken for any loss arising from action taken or refrained from on the basis of this publication. Details correct at time of writing.
Smith & Williamson LLP
Regulated by the Institute of Chartered Accountants in England and Wales for a range of investment business activities. A member of Nexia International. The word partner is used to refer to a member of Smith & Williamson LLP.
By necessity, this briefing can only provide a short overview and it is essential to seek professional advice before applying the contents of this article. This briefing does not constitute advice nor a recommendation relating to the acquisition or disposal of investments. No responsibility can be taken for any loss arising from action taken or refrained from on the basis of this publication. Details correct at time of writing.
This article was previously published on Smith & Williamson prior to the launch of Evelyn Partners.