Autumn Statement – business benefits

The chancellors autumn Statement had a number of measures to help business:

  • Extension of the Small Business Rates Relief for a further 12 months from 1 April 2014.
  • A business rate increase cap is to be introduced from April 2014 in England that will limit any increase to 2%.
  • The introduction of a temporary reoccupation relief, granting a 50% discount from business rates for new occupants of previously empty retail premises for 18 months. This relief will be granted to businesses moving into long-term empty retail properties on or after 1 April 2014 and on or before 31 March 2016.
  • The introduction of a business rate discount to help high street businesses up to a £1,000. This includes pubs, cafes, restaurants, charity shops as well as other retailers who occupy retail premises with a rateable value of up to £50,000 in 2014-15 and 2015-16.

To encourage companies to employ more younger people, from 6 April 2015 employers will not have to pay Class 1 secondary NICs on earnings paid to the under 21s up to the Upper Earnings Limit (UEL) – below £813 per week.

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