Contact Us

More than 300,000 independent high street shops have benefitted from new tax breaks, according to the Government.
 
Back in January, it was announced local councils could take up to £1,000 off business rates for shops, cafes, restaurants and public houses providing the retail property has a rateable value of £50,000 or less.
 
In her first official speech as High Streets Minister, MP Penny Mordaunt revealed the discounts rolled out to SME retailers across the UK has saved them up to £272 million.
 
Within these tax-saving measures exists a 50 per cent reoccupation discount for firms willing to take on disused premises that have been empty for more than 12 months.
 
Retailers can also pay their bills over a yearly period, rather than 10 months, in a bid to help cash flow. Meanwhile a two per cent cap on business rate inflation has also improved matters.
 
Ms Mordaunt, speaking at a conference arranged by the British Council of Shopping Centres, said recipients of the tax breaks include 5,000 premises in Birmingham, 3,250 in Cheshire, 3,900 in Cornwall and 1,500 in Stockton on Tees.
 
The business rate relief was extended to 31st March 2015, meaning an estimated 360,000 businesses will have no bill to pay at all in 2014. Mordaunt claims a typical small retailer could be saving 30 per cent more than last year’s bill.
 
“The minister urged local councils and businesses to use tax breaks as a spring board to revitalise high streets,” she said.
 
“We must help all respond to the needs and wants of the consumer so the high streets remain at the heart of our communities, more than simply places to shop.”

Date published 16 Sep 2014 | Last updated 16 Sep 2014

Choose the right accounting firm for you

Running your own business can be challenging so why not let TaxAssist Accountants manage your tax, accounting, bookkeeping and payroll needs? If you are not receiving the service you deserve from your accountant, then perhaps it’s time to make the switch?

Local business focus icon

Local business focus

We specialise in supporting independent businesses and work with 80,684 clients. Each TaxAssist Accountant runs their own business, and are passionate about supporting you.

Come and meet us icon

Come and meet us

We enjoy talking to business owners and self-employed professionals who are looking to get the most out of their accountant. You can visit us at any of our 409 locations, meet with us online through video call software, or talk to us by telephone.

Switching is simple icon

Switching is simple

Changing accountants is easier than you might think. There are no tax implications and you can switch at any time in the year and our team will guide you through the process for a smooth transition.

See how TaxAssist Accountants can help you with a free, no obligation consultation

020 3972 2800

Or contact us