Review Of Rates Will Benefit Chiswick Traders

Autumn Statement had good news for local businesses

Local traders have welcomed the review of business rates in the Chancellor's Autumn Statement and said the measures announced were likely to benefit independent businesses.

Local Mary Macleod MP ( who is Small Business Ambassador for London) said she particularly welcomed measures such the long-awaited full review of business rates.

The extension of the doubling of Small Business Rate Relief;
continuing the 2% cap on business rates; and the 50% increased discount (up from £1,000 to £1,500) on business rates for high street shops and cafes were also good for business, she said.

Mary said: “I’m delighted that the Chancellor is listening to small businesses and ordering a full review of business rates, as well as increased support for high streets. The 400 year old tax is no longer fit for purpose and it is about time we looked at it properly so small businesses can get a fairer business tax”.

Mary with Chancellor George Osborne

Mike Moran of Top Hat in Chiswick said "The long overdue review of business rates is very welcome as I see it as a tax that is not based in any way on profit. The continued capping and a further £500 assistance, will also help a lot. In simple terms for every £1 that I pay out I need to take £3 , so just to pay my current reduced to £9k business rates I need to take £27k or the equivelant of 2200 suits dry cleaned".

The announcement of an extension of the doubling of small business rate relief and a 2% cap on business rate increases to April 2016, will be a welcome news for many small businesses according to a local tax specialist.

Franck Sidon who runs TaxAssist Accountants Chiswick said the announcement in the Chancellor’s Autumn Statement, would benefit independent shop owners, businesses operating from small office premises, local garages, pubs, restaurants, cafés and many more. He said:

“Although we’ll have to wait until the 2016 Budget for the much needed full review of the business rates system, these measures go some way to help to level the playing field between businesses which operate from shops and offices and their online competitors.

“Increasing the £1,000 discount on rates for pubs, restaurants and small shops with a rateable value of £50,000 or below, to £1,500 next year is also good news and will help to encourage new businesses back to the high street.

“The £500 million lending pledge for small to medium sized businesses through the Enterprise Finance Guarantee Scheme, plus a £400 million extension to the British business bank Enterprise Capital Funds scheme, as well as extending the Funding for Lending scheme to boost bank lending to small to medium sized businesses, is welcome news for local business owners seeking vital finance for growth, but we will watch closely to see how this is actually delivered.

John Allan, National Chairman of the FSB said: “The FSB is delighted to see the double small business rate relief remain for another year and a full review of the outdated business rates system, something we’ve long argued for.”

December 3, 2014