Budget hope of rate slash in little firms
CHANCELLOR Philip Hammond is considering raising a tax threshold for small businesses in next week’s Budget to help the hammered high street.
Currently businesses with a rateable value of £12,000 or less do not pay any rates, with the full amount starting at £15,000.
A rise in the threshold would help thousands of small shops in a victory for the Daily Mirror’s High Street Fightback campaign.
The Treasury is also said to be looking at revamping transitional relief – which limits reductions in business rates in many areas.
Head of the Federation of Small Businesses, Mike Cherry, said it was a “make or break moment”.
He added: “Warm words are welcome, they need to translate into action.”