Small business rates relief 2022/23

Small businesses play a vital role in the UK economy, driving growth and innovation and providing employment opportunities. However, in recent years, small businesses have faced significant challenges, including the impact of the pandemic. To support these businesses and the UK’s economic recovery, the government has extended its support through the Small Business Rates Relief scheme.

What is Small Business Rates Relief?

Small Business Rates Relief is a government scheme aimed at providing financial support to small businesses. The scheme reduces business rates for eligible properties, providing a much-needed boost to the finances of small business owners. In addition to reducing business rates, the scheme also provides eligible businesses with access to government-backed loans and grants, helping to provide the financial support needed to grow and expand.

Who is eligible for Small Business Rates Relief?

According to the latest statistics, over 1.5 million small businesses in England are eligible for Small Business Rates Relief. To be eligible, businesses must meet certain criteria, including being based in England, having a rateable value of less than £51,000, and being a small business with a turnover of less than £15 million per year.

How much support is available through the scheme?

The exact amount of support available through the Small Business Rates Relief scheme varies depending on the size and type of business. On average, eligible businesses are benefiting from a reduction of approximately £1,000 per year, equating to an estimated £3 billion of support for small businesses in 2022/23.

Benefits of the Small Business Rates Relief scheme

Reduced Business Rates

One of the key benefits of the Small Business Rates Relief scheme is the reduction in business rates for eligible properties. This reduction provides a much-needed boost to the finances of small business owners, helping to ease the financial burden faced by many businesses.

Access to Government-Backed Loans and Grants

In addition to reducing business rates, the scheme also provides eligible businesses with access to government-backed loans and grants, helping to provide the financial support needed to grow and expand. For example, the Bounce Back Loan scheme has provided over £38 billion in loans to small businesses since its launch in 2020, helping to support the UK’s economic recovery.

Supporting the UK’s Economic Recovery

The Small Business Rates Relief scheme is a vital support for the UK’s small businesses, helping to ease the financial burden faced by many business owners and providing the support they need to grow and thrive. By providing financial support and reducing business rates, the scheme is helping to support the UK’s economic recovery and ensure that small businesses have the resources they need to succeed.

Challenges Facing Small Businesses

Despite the support provided by the Small Business Rates Relief scheme, many small business owners still face significant challenges. The impact of the pandemic has been felt across the country, and many businesses have struggled to survive, with almost 60,000 small businesses closing in the UK since the start of the pandemic.

Conclusion

In conclusion, the Small Business Rates Relief scheme remains a vital support for the UK’s small businesses, helping to ease the financial burden faced by many business owners and providing the support they need to grow and thrive. With over 1.5 million small businesses eligible for the scheme, the UK government’s continued support is a positive step towards a strong and sustainable economic recovery for the country. By providing financial support and reducing business rates, the Small Business Rates Relief scheme is helping to support the UK’s small businesses and ensure a bright future for the country’s economy.