Small business rate relief doubled for a year

Small businesses have had the relief on their annual business rates doubled for the next year.

The Chancellor announced the move in his Autumn Statement. He also continued the cap on business rate increases at 2%, following the initial implementation in last year's Autumn Statement. Previously it had risen in line with the retail prices index, which at current levels would mean an increase of 2.3%. Rates have increased by 25% in the past six years and many companies say that the tax is their biggest burden. The Chancellor announced in last year's Autumn Statement that he would abolish employer National Insurance contributions for the under-21s from April 2015, with the ex...