News & Insight

Small businesses desperate for more business rates reform

Jack Stratten

It's hoped that next month's Budget will signal more relief

The Federation for Small Businesses (FSB) has stated that a radical reform of business rates is needed urgently to protect small businesses in a time of Brexit uncertainty.

Mike Cherry, National Chairman of the FSB, said that failure to reform business rates sufficiently could lead to a 'very bleak winter' for small businesses.

'The Chancellor needs to step up'

A falling pound and Brexit uncertainty has compounded the issues already faced by struggling small businesses. But for the FSB, business rates reform could make a meaningful difference.

It wants the so-called Retail Discount - which allows retailers with a property worth no more than £51,000 to claim a 33% discount on their rates bills - to be increased to 50%. It also wants the discount to become a permanent initiative and to be made available to small businesses in all sectors.

Furthermore, it wants Business Rates Relief - which is only available to companies with up to £12,000 of property - to be extended to businesses with property worth up to £30,000.

These demands have been addressed directly to Chancellor Sajid Javid, and it's hoped that November's Autumn Budget finally brings some better news for the UK's small business sector.