Nusrat Ghani, MP for Wealden, has welcomed the Government’s extended support for business rates and cut taxes for small businesses from April.
This month, business rates for small businesses and retail, leisure and hospitality businesses will be frozen or cut and the VAT threshold will be raised to support small businesses, meaning business owners can focus on their priorities like taking on more staff.
From this April, the changes to business rates will take effect including a freeze to the small business rates multiplier at 49.9 pence and 51.2 pence for 2024-25 and a 12-month extension to the 75 per cent Retail, Hospitality and Leisure relief.
Together, these measures represent a £4.3 billion support package, building on the £14.5 billion package of business rates support since the pandemic.
Freezing the small business rates multiplier for small businesses for a fourth consecutive year, will save an average shop £1,650, with 113,300 businesses in the South East of England benefitting.
Extending the Retail, Hospital and Leisure (RHL) relief will benefit 230,000 properties with almost £2.4 billion in support, protecting small businesses in our high streets and town centres. This measure will cut the cost of business rates for 37,405 businesses across the South East.
Nusrat Ghani said: “I am regularly in contact with businesses in Wealden and have heard firsthand the difficulties they have faced in more recent years, so I welcome this package from the Government. Wealden businesses can now receive support with their rates, and some businesses will be taken out of paying VAT altogether. This means local enterprises can focus on their priorities like expanding their business or employing new staff, and feel they are supported to flourish.”
