In his Autumn Statement, Chancellor George Osborne claimed that he’s “backing Britain’s businesses all the way.” By the time April 2014 rolls around, 300 000 shops, restaurants and pubs will have received the Chancellor’s much-needed small business tax relief.
One of the key tenets of Osborne’s Autumn Statement was “help for the high street”; the small shop owners who epitomise the hard-working values that the UK government supports.
Measures to assist small business owners:
- The small business rate relief scheme has been extended for one year beyond 2014
- Small businesses with retail premises worth up to £50 000 will be entitled to a discount on business rates worth £1 000
- Businesses will be entitled to pay their rates in 12 monthly instalments
- The business rates increase scheduled for April has been cut from 3.2% to 2%
- Traders moving into a High Street property that has been vacant for more than a year will also be entitled to a 50% discount on rates, for the first 18 months of occupation, under a “re-occupation” relief scheme
- The 2% increase in fuel duty scheduled for 2014 has been scrapped
- Employer NI contributions will be scrapped for under-21, encouraging retailers to employ more youngsters and help alleviate youth unemployment
- An export finance capacity for UK businesses will be boosted to £50bn to assist firms wanting to break into emerging markets.
For expert tax advice and information regarding tax matters for small business, visit 1st Contact Accounting.