The Autumn 2024 Budget has extended business rates relief, offering key savings for the retail, hospitality, and leisure sectors. These updates provide targeted support to promote growth and sustainability within these industries.
What’s Changing?
- Extended Relief for 2025/26
Eligible businesses will continue to receive 40% rates relief, capped at £110,000 per business. - Enhanced Support for Large Properties
From 2026/27, properties valued over £500,000 will benefit from increased rates relief.
What This Means for Businesses
- Savings Opportunity
Businesses in these sectors can significantly lower their tax liabilities, providing financial breathing room to reinvest in growth. - Targeted Support for High Value Properties
Larger businesses operating high value properties stand to gain from the upcoming increases in relief, fostering expansion and resilience.
Action Steps: Maximising Relief
- Verify Eligibility
Ensure your business qualifies for the relief extension and understand the cap implications. - Reassess Budgets
Incorporate the savings into financial plans to optimise reinvestment opportunities. - Seek Professional Guidance
Consult with an adviser to navigate the application process and explore strategies to maximise your benefits.
Supporting Economic Recovery
These measures aim to bolster critical sectors, fostering growth, employment, and resilience in the retail, hospitality, and leisure industries as part of the broader fiscal recovery plan.
How We Can Help
At [Your Firm’s Name], we specialise in helping businesses identify and maximise tax relief opportunities. Contact us today for expert guidance tailored to your needs.
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