Small Exeter businesses to get £1,000 tax break

Small businesses in Exeter are set to receive tax breaks of up to £1,000 on their future bills.

The discount which comes from business rates payments is only available to business with a rateable value of £50,000 or below and will be automatically discounted by the Council.

Moreover the discount is only available to certain types of business with pay day lenders, betting shops among those businesses prohibited from the discount.

Aside from those businesses specifically excluded from the discount the City Council will be able to decide which businesses are eligible for the discount.

The discount which will affect rates bills in 204-15 and 2015-16 is funded by the central government.

The policy was launched by Communities Secretary Eric Pickles this morning, he said:  “our fully funded £1000 retail discount will make a huge difference to 300,000 of the essential small shops and local traders we find in our town centres across the country.”

The support package comes alongside several other polices designed to support small business due to come into effect from April including the small business rates relief scheme which has been extended until 2015.
The discount can be used alongside the small business relief and the reoccupation discount which offers a 50% discount on the rates of premises which have been empty for more than a year.