Small businesses to receive tax relief

11 Dec 2014

Written by Alice Smithson

Small companies could receive a tax cut in order to reduce the pressure on local high streets, said Vince Cable this week. Referring to the forthcoming Autumn Statement, small businesses could receive a rebate on a portion of their business rates in order to help local economies continue to thrive.

Speaking ahead of the November statement, Business Minister Vince Cable was optimistic about the possible announcement: ïon business rates I had hoped at conference we would be able to announce sorting that would really help small businesses on business rates, because this is a real problem area. We haven’t quite got to the conclusions of these discussions but I think there will be something positive in the pipeline at the autumn statement.’

Such tax relief will be a great help to independent and small businesses _ including hairdressers and salons _ as it will mean lower rates to pay in the near future, resulting in more money to invest back into their business. While the Treasury receives £25bn every year in business rates, even large companies have publicly denounced the current system as inhibiting investment and growth. Retailers such as Marks & Spencer and Tesco were just two of the 100 companies that signed an open letter to the Government, which said that current business rates were ïno longer fit for purpose for the 21st century’.

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