There was, prior to the Autumn statement, a strong lobby to freeze Business Rates in the continuing economic gloom in the retail sector. However, this did not happen, although there was some respite for rate payers in that the Rate in the Pound for next year, 2014/2015 has been capped at a 2% increase, rather than the traditional RPI which would have increased rates by 3.2%. In addition, Small Business Rate Relief, which helps a lot of small businesses, has been extended for a further year on the current basis.
Also, retailers with an RV less than £50,000 will get a £1,000 discount on Business Rates. This applies to not only retail units but also public houses / restaurants.
Finally,retailers moving into a vacant property will also be entitled to a 50% discount on rates under a “Reoccupation” relief scheme and all firms will be entitled to pay their rates on a 12 monthly instalment basis, whereas most pay currently on a 10 monthly instalment basis.
“I suppose every little helps”!