The Budget - changes that might affect businesses in the Borough
Here are the highlights for Eastleigh businesses from the latest Budget announcement;
- Small businesses in the Borough (fewer than 250 employees) will be reimbursed for up to two weeks if their employees self-isolate for coronavirus
- Small businesses will also be able to access business interruption loans of up to £1.2m.
- Retail rate relief will rise from 50% to 100% for premises with a rateable value below £51,000. This will be applicable not only to shops and restaurants but extended to include leisure facilities such as cinemas and hotels, gyms and art galleries. We believe that approximately 800 of Eastleigh ratepayers could be eligible for this relief and would ask them not to be alarmed when they receive their Annual NDR bill reflecting only the 50% relief. The bills were prepared before the Budget and the Revenues department will undertake an exercise to amend the accounts and send a revised bill in the coming weeks.
- Pub relief will rise from £1,000 to £5,000; 21 pubs in the Borough will be eligible and will receive an up-to-date bill shortly.
- Grants of £3,000 to local companies receiving Small Business Rates Relief.
- New products must be at least 30% recyclable. Manufacturers and importers that fail to meet this percentage will be charged £200 per tonne.
- Entrepreneur’s Relief retained but with a cap of £1m on allowance over a lifetime.
- Self-employed residents will not have to pay National Insurance Contributions until they earn £9,500.
- Fuel duty frozen.
- VAT scrapped on books, newspapers and digital publications.
Contact Revenues Specialists for more information.