From 1 April, local councils can provide a business rates Retail Discount Scheme for occupied retail properties. The scheme will apply to retailers with premises with a rateable value of less than £51,000. The value of the discount is one third of the bill – after mandatory or discretionary have been awarded. The discount will apply in 2019-20 and 2020-21 – as announced by Chancellor Philip Hammond at the Autumn Budget.
Also from 1 April, the small business multiplier is 49.1p and the standard multiplier is 50.4p*. According to BRC’s analysis, it adds an extra £200m of taxes on retailers’ shoulders.
Commenting, NFRN National President Mike Mitchelson said: “The number of retail stores forced out of the market is growing at a worrying pace, partly because of heavy tax burdens, high rents and increasing wages. The growing complexity of the tax system is also deeply concerning. Independent retailers urgently need a clear vision and appropriate government support to help their business survive. If their cry for help is not heard, the UK will lose shortly vital economic players, who keep local communities alive and flourishing.”
For more details, contact your local council or consult HMRC’s website: https://goo.gl/HTHzeM
* The multipliers may be different in the City of London.