Autumn Statement 2013: Business Announcements
The Chancellor George Osborne has now delivered his 2013 Autumn Statement. Here’s our summary of the headline announcements affecting businesses.
Business rate rises capped at two per cent
As was widely expected and predicted, the Chancellor announced that business rates will not rise by the RPI-linked 3.2 per cent next year. Instead, the increase has been capped at two per cent for 2014/15. Businesses will also be allowed to pay their rates in 12 monthly instalments.
Small business rate relief
The temporary doubling of the small business rate relief (to 100 per cent) was due to end in April 2014. The Chancellor announced that he is extending this for a further year, until April 2015.
Business rates discount
In a move designed to help Britain’s high streets, the Government will introduce a business rates discount for the next two years for retail premises with a rateable value of up to £50,000. The discount will be worth £1,000.
Employer NICs for under-21s
Again, no surprise here as this was widely reported yesterday. Employers’ national insurance contributions for workers under the age of 21 will be abolished.
