North East Herts MP Oliver Heald is welcoming the news announced by the Government that it intends to cut taxes for small businesses and shops. As part of the Government’s long term economic plan the rates bill of those businesses with a rateable value of less than £50,000 will receive £1,000 of their rates bill for the next two years. The annual indexation increase in 2014-15 bills will be capped at 2% and the doubling of small business rate relief will be continued for another year. Other measures include 12 month instalment payment options for business rates and the introduction of a reoccupation relief to encourage empty shops back into use, under which, rates for new businesses would be halved during their first 18 months of occupation.
Commenting Oliver Heald said “I strongly welcome these and the other measures which have been announced by the Department of Communities and Local Government this week. It is important that small businesses are helped and I am sure they will benefit from these tax cuts. I understand that earlier on this month the Department announced a multi-million pound competition seeking public feedback about innovative technology solutions in retailing, logistics, and traffic management to make high streets more attractive to citizens, I encourage constituents to take part in this consultation, more details about which can be found here. With the good news last week that unemployment is down in the UK too, things are pointing towards a more promising economic climate. These measures should mean even more new jobs as business surges.”
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Notes to Editors
-A full list of measures to be introduced by the Government to help those on the high street and small businesses can be found here