TAX cuts for small businesses could see an estimated 550 shops, pubs and restaurants in the Stroud Valleys and Vale see their tax bills cut by a third, according to Stroud MP Neil Carmichael.
Mr Carmichael has welcomed tax cuts for small businesses which take effect this week, supporting high streets across the constituency and boosting jobs and growth.
The new measures include:
• £1,000 off business rate bills for all retail premises with a rateable value up to £50,000 for 2014/15 and 2015/16;
• A two per cent cap on business rate increases;
• A new reoccupation relief, which will halve the rates bills of businesses taking over premises empty for over a year;
• The doubling of Small Business Rate Relief being extended to April 2015 and expanded;
• Businesses being able to pay their bills over 12 months, rather than 10, to help with cash flow.
Mr Carmichael said: “This is excellent news for hard-working people and small businesses in the Valleys and Vale. Our high street shops are an important part of local life. That’s why the Conservatives are backing them all the way as part of our long-term economic plan to secure a better future for Britain."