Originally written by Timothy Adler on Small Business
Jeremy Hunt has pledged to exempt hundreds of thousands of small businesses from business rates if he becomes Prime Minister.
Tory leadership contender Jeremy Hunt intends to scrap taxes for nine out of 10 high street shops in a bid to save the high street.
Experts have warned that high streets face the loss of 200,000 jobs unless the Government acts to revive traditional town centres hit by the rise of internet shopping.
The move will save newly exempted businesses up to £6,500 each, and will scrap taxes on 24,500 businesses based in Birmingham (5,000), Manchester (8,000), Leeds (6,000), Newcastle (2,000) and Bristol (3,500).
Hunt has already promised to cut corporation tax from 19pc to as low as 12.5pc, a policy which has been costed at £13bn a year.
The Foreign Secretary, who is never afraid to brandish his entrepreneur credentials, told the Daily Telegraph that his proposals would “give a new lease of life to the British high street” and provide “hard working local businesses an enormous cash boost”.
“My blueprint will give a new lease of life to the British high street and give our hard working local businesses an enormous cash boost,” he said.
“It was once
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Tory leadership hopefuls propose major tax reforms for small businesses
by Anna Jordan • • 0 Comments
Originally written by Anna Jordan on Small Business
As Theresa May prepares to step down as Prime Minister, two MPs have come out in support of small businesses in their bids to succeed her as the Conservative leader.
Health Secretary Matt Hancock is pledging to save the high street by scrapping business rates. The £1.5 billion-a-year pledge would exempt hundreds of thousands of businesses from the hated tax. He would also introduce an Amazon Tax for social media platforms, internet marketplaces and search engines. The tax was first mentioned in last year’s Budget.
“I would end business rates for small businesses on high streets altogether, and I would pay for it by an increase in the new digital services tax,” Hancock told the Daily Telegraph.
He added that he would access cash from the £26 million Brexit buffer set aside by Philip Hammond as well.
Hancock’s business rates proposal is part of a wider economic policy including a rise in the National Living Wage to £10.21 by 2022.
Rival candidate, Sam Gyimah, has also said that he will reform business rates, replacing it with a commercial land tax. It’ll be one of five tax reforms to stimulate economic growth. In addition, he would make the tax
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Call for Chancellor to end ‘business rates chaos’ for small companies
by Ben Lobel • • 0 Comments
The FSB has called for urgent action to address the UK’s ‘business rates chaos’ ahead of the Autumn Budget. The business organisation first threw light on the staircase tax in August after small businesses occupying split workspaces unexpectedly started to receive hiked business rates bills. The levy has caused many to lose small business rates
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What will rising business rates mean for SMEs?
by Owen Gough • • 0 Comments
April 2017 brought with it a new challenge for UK businesses, as the two-year delay on the rise in business rates – based upon the revaluation of the value of business property – finally hit. With commercial property prices rising exponentially over the past few years, some areas of London are facing rate increases of
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London businesses in a weak position to handle business rates hike
by Owen Gough • • 0 Comments
With businesses in the capital set to face a sharp rise in business rates from the 1st April, new research reveals that thousands of London companies are ill prepared for the imminent increase to their tax burden, with nearly 70,000 businesses already experiencing ‘significant’ financial distress even before the changes take effect. London businesses are
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Budget 2017: Chancellor eases the pain on business rates
by Ben Lobel • • 0 Comments
Chancellor Philip Hammond has unveiled three measures to address those companies affected by the burden of higher business rates. No business losing small business rate relief will see their bill increase next year by more than £50 a month, 90 per cent of local pubs will have a £1,000 discount on their business rates bill, and a £300
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Business rates hike will ‘potentially finish small businesses’
by Ben Lobel • • 0 Comments
Small business owners have spoken out about the shake-up in business rates that threatens to strike the smallest companies the hardest. James Blackman, managing partner at Cocoonfxmedia says that an increase in business rates combined with Brexit looming could ‘potentially finish small businesses’. ‘Since this government has come in, business has been taxed at every opportunity from
The post Business rates hike will ‘potentially finish small businesses’ appeared first on Small Business.
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How London’s small businesses are losing out on business rates
by Ben Lobel • • 0 Comments
Business rates were estimated to be worth over £27 billion to the UK economy this year. However, these additional taxes for non-residential properties have been accused of driving start-ups out of London, or even out of business. To remedy this, the former Chancellor of the Exchequer George Osborne had planned to introduce changes at the
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