Small businesses will benefit from a business rate freeze on their properties from tomorrow. In fact, you may not need to pay a penny for a whole year. So, how do you know if you’re affected?
Quite simply, if you have a business premises with rateable values of up to £6,000 then you will have no rates to pay until September 20, 2011. In other words, it’s very good news for very small businesses. Those paying rates of up to £12,000 will qualify for reduced relief rates.
Will this have much of an affect on small businesses? According to Malcolm Harvey, from the Federation of Small Businesses, yes it will.
Interviewed in Brighton newspaper The Argus, he said: “For many businesses this will make a massive difference and in some cases will mean the difference between staying alive or failing…”
He continued: “People can’t believe this is happening. Businesses are so used to being fleeced governments, when something like this happens people sit up and ask ‘what’s the catch?’.”