The focus of the Autumn Budget 2021 was on stalling the rise in inflation alongside promising investment in public services to pave the way to what the chancellor called a ‘post-covid era’.
Chancellor, Rishi Sunak put the spotlight on the retail, hospitality and leisure sectors who have suffered greatly from the previous lockdowns. He announced that businesses in these sectors will be given a 50% discount on business rates capped at £110,000. Businesses that are eligible include: pubs, music venues, cinemas, restaurants, hotels, theatres, and gyms. This welcome tax cut is worth around £1.78bn and will help businesses in these worst-hit sectors following the pandemic. In addition, the chancellor announced that from 2023, every single business will be able to make property improvements, for example extensions to restaurants, whilst paying no extra business rates for 12 months, which will go some way to helping businesses to prosper once they are able to.
If you are a business owner in the retail, hospitality or leisure sector, please don’t hesitate to contact us if you would like to discuss in more detail how the recent budget announcements will affect your business and how you might be able to take advantage of the new measures.