Proposed changes to business rates could benefit small companies.

Local authorities could have more flexibility to give business rate discounts to small local companies, in a proposal presented to the Chancellor by the Local Government Association (LGA) in November 2014. Business rates are currently set by central government, meaning local authorities’ ability to give local discounts is restricted. Under the LGA proposal, all responsibility for setting and collecting business rates would lie with local authorities, allowing more flexibility for local authorities to give reduced rates to local high street companies, new start ups and companies using local suppliers. If the proposal goes ahead, local authorities will also be able to link business rates to turnover, including that from e-commerce, to increase impartiality between high street and online retailers, and to encourage new start ups to trade on the high street.
For more details about the proposal, go to:
http://www.local.gov.uk/web/guest/media-releases/-/journal_content/56/10180/6705009/NEWS

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