Kevin Foster, the Conservative Parliamentary Spokesman for Torbay, has welcomed news that an estimated 500 local shops, pubs and restaurants in Torbay could see their tax bills cut by a third because of tax cuts for small businesses which came into effect this week.
The measures that took effect this week include:
• £1,000 off business rate bills for all retail premises with a rateable value up to £50,000 for 2014/15 and 2015/16. This includes shops, cafes, pubs and restaurants.
• A 2 per cent cap on everyone’s business rate increases.
• A new reoccupation relief, which will halve the rates bills of businesses taking over premises empty for over a year.
• The doubling of Small Business Rate Relief is being extended to April 2015 and expanded – with 360,000 businesses properties paying no rates at all.
• Businesses will be able to pay their bills over 12 months, rather than 10, to help them with their cash flow.
Kevin commented: “This latest help for the high street is excellent news for small businesses across the bay.”
“500 local businesses are likely to benefit from a business rates discount of £1,000, just one part of a whole string of tax cuts to support local shops, pubs and businesses taking effect this week.
“Our high street shops are an important part of local life. Cuts to the taxes paid by them will help businesses grown and create jobs, strengthening our local community and giving more hardworking people the security of a regular pay packet."