Small Business Rates Relief (SBRR) is available to businesses with a single property below a set rateable value. Properties under £12,000 receive 100 per cent relief. There is also tapered support available to properties valued up to £15,000. Over a third of properties (700,000) already pay no business rates as a result of 100 per cent relief through SBRR, with an additional 121,000 in the taper.
At Autumn Statement 2022, the Government announced a package of changes and tax cuts worth almost £13.6 billion over the next five years, many of which may be available for small businesses, including:
- a freeze to the business rates multiplier for 2023-24, a tax cut worth £9.3 billion over the next 5 years, meaning all bills are 6 per cent lower than without the freeze;
- an increased 75 per cent relief for retail, hospitality and leisure properties, up to a cash cap of £110,000 per business for 2023-24. This is a tax cut worth over £2 billion for around 230,000 RHL businesses, to support the high street and protect small shops.
- an Exchequer funded Transitional Relief scheme worth £1.6 billion to protect an estimated 700,000 ratepayers facing bill increases due to increases in rateable value.
- a new Supporting Small Business scheme, providing over £500 million of support over the next three years. This will cap bill increases to £50 per month (£600 per year) for businesses losing some or all of their Small Business or Rural Rate Relief due to the revaluation.