The Autumn Statement brings good news for ratepayers! We have been watching for business rates Autumn Statement news.
Business Rates Autumn Statement
From 1 April 2023, many businesses will be facing new business rates bills following new valuations of their properties to reflect more recent market conditions.
In light of this, the government has today announced it will be taking a number of steps to help ratepayers which will result in the total increase in business rates bills being less than 1% nationally. These measures are as follows:
- The business rates multiplier has been frozen for another year to protect businesses from rising inflation
- There will be an extended and increased Retail, Hospitality and Leisure relief scheme, increasing from 50% to 75% for 2023-2024
- Transitional relief will be reformed – all business seeing lower bills as a result of the revaluation will benefit from the decrease straight away, whilst those seeing higher bills with have their increases capped
- Small businesses who lose their eligibility for either Small Business or Rural Rate Relief due to new property valuations will be supported through a more generous Supporting Small Business scheme worth over £500 million
Ratepayers in England will be soon be able to see the future rateable value for their property and get an estimate of what their business rates bill may be from 1 April 2023 through the Find a Business Rates Valuation Service: https://www.gov.uk/find-business-rates
If you have any questions relating to these announcements or the business rates revaluation, please do not hesitate to get in touch: [email protected]
