As part of Chancellor Jeremy Hunt's spring budget, small businesses are set to benefit from various incentives taking effect from April 1. Among these measures, the VAT registration threshold has been raised to £90,000 from £85,000, resulting in 28,000 businesses being exempt from paying the tax. Additionally, small businesses will see a freeze on rates for the fourth consecutive year, shielding over a million ratepayers from a 6.6 percent increase in their bills.
As part of the £4.3 billion business rates support package announced in the Autumn Statement, measures include a 12-month extension of the 75 percent relief for 230,000 retail, hospitality, and leisure properties.
Exchequer Secretary to the Treasury Gareth Davies visited the Chai Guys business in London, accompanied by Enterprise Nation, a small business support network, to discuss the anticipated benefits of these changes for businesses.
Davies said these measures will reward and support Britain’s small businesses. “Combined with our action to reduce inflation from over 11 per cent to 3.4 per cent, these measures will help ensure the local, independent businesses will continue to thrive and help our economy grow.”
