The Independent Garage Association (IGA) is pleased by the changes being made to small business rates, as announced by the Chancellor in today’s 2020 budget.
“It is a welcome move from the government to abolish the rates in the retail sector. Most independent garage businesses have a rateable value of under £51,000, and will benefit greatly from this.” commented Stuart James, IGA CEO.
“The cost of running a garage and investing in new equipment, coupled with the shortage of skilled technicians, is a significant concern for garage owners and this measure will be a great help.”
In today’s Budget, the Chancellor also announced £2.1 billion would be made available for grants of £3,000 for any business which qualifies for small business rates relief. The 100% retail discount will be extended to eligible retail businesses, meaning a total 12-month exemption for retail outlets from the 6th April 2020. This is estimated to save each business up to £25,000.
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