Following Philip Hammond’s delivery of the Budget 2018 to parliament, the National Association of Health Stores (NAHS) has issued a statement commenting on the Chancellor’s proposals for the business rates affecting independent retailers.
Calling the budget ‘some good news … for independent retailers’ the NAHS says: “The chancellor has reported that for the next two years, up until the next business rates re-valuation in 2021, small businesses in England with a rateable value of £51,000 or less will see their business rates bill cut by one third. A saving for up to 90% of shops, restaurants and cafés.
“The NAHS applauds the news that some members could finally see a reduction in their tax burden. A recent NAHS Rates Survey found that the average business rates bill amongst health food store members is £7249, which calculates to an average annual saving of £2400 post-Budget.
The NAHS applauds the news that some members could finally see a reduction in their tax burden
“Whilst this is broadly welcomed we are, however, mindful that retailers with a rateable value over £51,000 will still be burdened with a business rates system that is currently not fit for purpose and will continue to campaign, alongside bira, for a fairer system.
“Furthermore, where powers to alter business rates lies with devolved administrations in Scotland and Wales, we will be writing to the relevant ministers to encourage them to mirror the Chancellor in setting out their budgets for 2019.”