Budget 2021 – Up to 50% off hospitality, retail and leisure sector business rates

Budget 2021 Business Rates
MRICS Surveyors, Increase your returns

As part of his Autumn Budget Rishi Sunak announced that the hospitality, retail and leisure sectors will be given a 50% discount on business rates for one year to support their post-pandemic recovery.

Shops, restaurants, bars and gyms in England will receive a temporary cut of up to 50% off their bill, subject to a maximum of £110,000 per business.

In addition, Rishi Sunak has scrapped 2022’s planned annual increase in rates for all firms for the second year in a row.

The impact for businesses

 – What this means is any qualifying business with a RV of £110,000+ will receive 0% relief.

 – If your RV is above, but in the region of £110,000, now would be a good time to get your rates checked!

– Even a minor saving could push you under the threshold and enable important savings.

Read more: Finance Monthly 28 October 2021