Budget 2015 – Business Rates

Business Rates

Following constant and ongoing pressures from businesses, the Government will launch a review on the current Business Rates regime, and how businesses will pay the tax. The review will look at how we could modernise the system so it better reflects changes on the value of property and the property use.

Given that the current system of business rates was created over 25 years ago, the time has now “come for a radical review”. The review will be reported by Budget 2016.

 

Small Business Rate Relief

The doubling of the small business rate relief will be extended for a further year, to 31 March 2016. This means that properties with a rateable value of £6,000 or less will get 100% relief, and those with a rateable value between £6,001 and £12,000 will get relief tapered from 100% to 0%.

The doubling of the small business rate relief is expected to result in 385,000 businesses paying no rates at all.

 

Help for the High Street

Announced prior to the Budget, as from 1 April 2015 the Government is increasing the business rate discount for smaller retail premises with a rateable value of £50,000 or below to £1,500 per annum, up from the previous discount of £1,000.

<Feb 2018>
MTWTFSS
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28

Feb 25

No events today
Dodd & Co have been our company accountants for around 18 years. Our principal contact is Alan McViety a Partner with Dodd & Co. I believe in robust financial management for our business therefore Alan and I have worked very closely throughout that time, meeting at least monthly producing MMI and developing forecasts and forward projections. Alan has always been very professional, responsive and understands our business very well allowing him to engage in meaningful discussion and provide considered advice. We use Dodd & Co for all financial matters and this regularly includes VAT and Tax Planning specialist advice which we receive from Faye Armstrong (VAT Partner) and Dean Johnston (Tax Partner) working alongside Alan, Faye and Dean are really good to work with, again they ensure they understand the particular matters and objectives clearly from the outset ensuring they can deliver the right solution or options which are always substantive and clear. I believe business is all about relationships and on personal experience can highly recommend Dodd & Co to be really nice people, highly professional, very responsive, they afford great care to their clients and take pride in their work and the advice & services they provide.
-- Martyn Boak, Northern Developments (Cumbria) Limited