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“The FSB is delighted to see the double small business rate relief remain for another year and a full review of the outdated business rates system, something we’ve long argued for.”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