Friday, 5 December 2014

Supporting Small Businesses in the Autumn Statement

The doubling of Small Business Rate Relief is very welcome.
As is the continuing the cap on the inflation-linked increase in business rates at 2%.
The £1,000 discount for shops and cafes on the high street will increase to £1,500
And there will be a full review of the structure of business rates to report before Budget 2016.

We will strengthen Entrepreneurs’ Relief by aligning it with Enterprise Investment Schemes

Increase in the R+ D tax credit for SME firms to 230%,
and extend the Funding for Lending scheme by another year – focusing it entirely on small businesses. 

72,000 properties in the North East will benefit from these business rates measures.

2,000 properties will benefit from the cap on business rates, with savings worth £4m.

28,000 small businesses will benefit from the extension to Small Business Rate Relief, with savings worth £19m. 21,000 of these businesses will pay no business rates at all.

10,000 properties will benefit from the £1,500 discount for retail properties.