Sunday, December 5, 2021

Small businesses say lowering business rates from Budget is not enough to save the high drag

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“Corporate tariffs are still unfair and do not support the smaller businesses, but favor the bigger household names and larger retailers”

Small and medium-sized businesses have accused the Chancellor of not doing enough to help them with his household.

On Wednesday, Rishi Sunak announced a 50 percent discount on business rates for the retail, hospitality and leisure sectors in England for the years 2022-23, up to a maximum of £ 110,000.

However, Tillie Peel, founder of the Pop-Up Club in London, said there was still a long way to go to support independent retailers and distributors.

She said, “Business tariffs are still unfair and do not support the smaller businesses that would benefit greatly from access to these high street areas, but rather favor the larger household names and larger retailers.

“This will only make things more difficult for smaller companies in the long run, and we firmly believe that smaller companies still have a future and that the main street is far from dead.

Peel said lowering business prices for retail businesses by up to 50 percent is a welcome relief and would give small businesses a better chance of survival.

“However, after the difficulties small businesses have faced over the past year and a half from Covid, small businesses want to not only survive but thrive,” she added.

“We need even more initiatives to make job vacancies more accessible to local businesses rather than submitting them to retail giants.

“Rishi Sunak has previously stated that he wants to ‘make the UK the best place in the world to start, grow and invest in a business,’ but it is not true without the support of the supporters of the scale.”

Ms Peel called for an increase in the small business employment allowance to support smaller employers who are unable to grow unless they can cover the costs.

Aiden Corcoran, personal tax expert at GoSimpleTax, said: “If self-employed people in this year’s household were hoping for a donation from Rishi Sunak, they were disappointed.

“Business relief, rebates and income tax rates will all benefit UK small and micro businesses, but assistance in the form of grants, extended holidays and tax breaks would all have been equally beneficial.

“It is important that the self-employed have informed us that they want the self-assessment to be simplified – and nothing has been said about this.

“That was a generous budget for public services and large corporations – but it won’t be enough for many self-employed.”

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