Autumn Statement 2023 – business rates

Autumn Statement 2023 business rates

What does the Autumn Statement mean for your business? The focus was on helping businesses with tax changes, encouraging more people into work, and easing the pains of cost of living increases through reducing NI and increasing minimum wages.

Autumn Statement 2023 business rates

There was also very welcome news to smaller businesses, as well as those in the retail, leisure and hospitality sectors. It was announced the small business rates multiplier will remain at the current level until at least 31 March 2025.

This means businesses with a rateable value below £50,999 will see their business rates frozen for another year from 01 April 2024. This, combined with the pledge to maintain the Retail, Leisure and Hospitality Relief at 75% for a further year from 1 April 2024 to 31 March 2025, will come as a great relief for many business owners.

However, those business owners whose premises have a rateable value of £51,000 or more, will see their business rates liabilities rise from April next year. This is because as it has been confirmed the standard business rates multiplier will increase in line with September’s CPI inflation figure of 6.7%.

As we enter the second year of the 2023 rating list, in many cases – particularly in the industrial sector – this will coincide with a reduction in the level of transitional relief applied to business rates bills. For many, business rates liabilities will therefore be increasing quite considerably next year.

If you have any questions about the changes to business rates and how you may be affected, please do not hesitate to get in touch with our Head of Business Rates Consultancy, Jordan Kennedy MRICS IRRV (Hons)

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