Mims Davies MP is pleased to welcome the introduction of tax cuts for businesses in Mid Sussex.
- Mims has welcomed support for businesses across Mid Sussex as the Conservative Government extend support for business rates and cut taxes for small businesses from this month.
- This month, business rates for small businesses and retail, leisure and hospitality businesses will be frozen or cut and the VAT threshold will be raised to support small businesses, meaning businessowners can focus on their priorities like taking on more staff.
- New support this month has been delivered because the Conservatives stuck to the plan with the economy, including more than halving inflation from 11.1% to 3.4% to ease pressure on businesses.
Mims has welcomed new support from the Conservative Government’s delivered this month for businesses across Mid Sussex.
From this April, the changes to business rates will take effect including a freeze to the small business rates multiplier at 49.9 pence and 51.2 pence for 2024-25 and a 12-month extension to the 75% Retail, Hospitality and Leisure relief.
Together, these measures represent a £4.3 billion support package, building on the £14.5 billion package of business rates support since the pandemic.
Freezing the small business rates multiplier for small businesses for a fourth consecutive year, will save an average shop £1,650, with 113,300 businesses in the South East benefitting.
Extending the Retail, Hospital and Leisure (RHL) relief will benefit 230,000 properties with almost £2.4 billion in support, protecting small businesses in our high streets and town centres. This measure will cut the cost of business rates for 37,405 businesses across the South East.
This package has been made possible because the Conservatives stuck to the plan with economy, including more than halving inflation from 11.1% to 3.4% to ease costs for business owners.
Mims Davies MP said:
“Here in Mid Sussex, local businesses and the jobs they support are a lifeline to the residents – they have grappled with global shocks such as the pandemic and the energy price spike.
This is why I welcome that from this month, more businesses across Mid Sussex will receive support with their business rates and some businesses will be taken out of paying VAT altogether.
This means businesses can focus on their priorities, like expanding their business or employing new staff–helping to grow the economy as the Conservatives stick to the plan to strengthen the economy.”