Burnham Set to Announce 20% Business Rates Cut for Hospitality Prime Minister Andy Burnham is reportedly preparing a 20% cut to business rates for hospitality businesses, with an announcement expected within days. The move fulfils a pledge made during his Makerfield by-election campaign to ease the tax burden on pubs, clubs and music venues, while also raising the business rates threshold for independent...
Business Rate Relief Autumn Statement 2023 Retail, hospitality and leisure relief extended for 2024 In a pivotal move to bolster the recovery of the UK's hospitality industry, Chancellor Jeremy Hunt declared an additional 12-month extension for business rates relief during statement. Despite acknowledging the impracticality of sustaining temporary support indefinitely, Hunt emphasized the crucial need...
How are Business Rates Calculated? Business Rates are calculated by multiplying the “rateable value” (RV) of the commercial property by the “business rate multiplier”. For e.g., if your commercial property’s rateable value is £28,000 per annum, your business rates will be calculated as follows. £28,000 (RV) X 49.9 pence (0.499) (business rates multiplier for 2021-22): £13,972 (payable...
Small Business Rate Relief (SBRR) You can get 100% business rate relief if the rateable value of the business premises is less than £12,000 If the rateable value is between £12,001 to £15,000, you can still get rate relief, but it varies. For e.g., if the rateable value is £14,000 you could get 33% discount. If the rateable value is £13,500, you could get 50% discount. What...