With the aim of bringing our readers an extensive business events, exhibitions and trade fairs diary, Small Business will be continually updating this page as new events come onto our radar. If you notice any business shows we have missed, or would like to feature your event on our list, please get in touch with Anna Jordan on anna.jordan@stubbenedge.com

Event month:

2024 – February | March | April | May | June | September | October | November

February 2024

Event: Love Business EXPO
Date: 15 February 2024
Location: Holywell Park Conference Centre, Loughborough University Science and Enterprise Park, Loughborough, LE11 3GR
Website: www.lovebusinessexpo.co.uk
Brief: A business to business networking exhibition. It brings business and personal development opportunities together. Targeted at business owners, managers and those thinking of starting a business.

Event: Midlands Expo (Birmingham)
Date: 22 February 2024
Location: Aston Villa FC, The Holte Suite, Trinity Road, Birmingham, B6 6EH
Website: greatbritishexpos.co.uk/midlands-expo-birmingham/
Brief: This exhibition for businesses within the Midlands region is designed to help you network, make new connections and grow your business. Join over 1,000 SMEs from across the region, with Live 1-2-1 networking, seminars and masterclasses, and be inspiration from keynote speakers.

Event: Gloucestershire Business Show
Date: 28-29 February 2024
Location: The University of Gloucestershire School of Business, Oxstalls Campus, Gloucester, GL2 9HW
Website: business-shows.co.uk/gloucestershire/
Brief: Billed as a festival of business and innovation, the exhibition is open 10:00 – 4:00 on day one and 10:00 – 3:00 on day two. Exhibitors help design the programme for discussions, learning and collaboration, and also deliver LIVEtalk presentations.

Event: Doncaster Business Showcase
Date: 29 February 2024
Location: Doncaster Racecourse, Bawtry Rd, Doncaster DN2 6BB
Website: businessdoncaster.co.uk/business-showcase
Brief: An annual event that typically attracts over 2,500 visitors and 300+ exhibitors. It is Yorkshire’s largest business networking expo of its kind.

March 2024

Event: Edinburgh Business Show
Date: 5 March 2024
Location: Leonardo Murrayfield Hotel, Edinburgh EH12 6UG
Website: edinburghbusinessshow.co.uk
Brief: The show is aimed at helping local SMEs, growth-oriented entrepreneurs and individuals to achieve business and professional goals by connecting with one another. Designed for decision makers, team leaders, owners, managers and directors from all sizes of business. Features 1-2-1 Networking, workshops and seminars.

Event: Bournemouth Business Expo
Date: 7 March 2024
Location: Vitality Stadium, Kings Park, BH7 7AF
Website: https://www.b2bexpos.co.uk/bournemouth-expo-march-2024
Brief: Over 50 local exhibitors will be showcasing their services and you can network with 300-400 Bournemouth and Dorset-based companies. Free business seminars and interactive workshops. Free to attend with pre-registration.

Event: Hereford & Worcestershire Business Expo
Date: 7 March 2024
Location: Three Counties Showground, Malvern, WR13 6NW
Website: hwchamber.co.uk/events/business-expo/
Brief: This event is run by the local Chamber of Commerce. Attendance is free, there is a dedicated Networking Zone, and they are expecting over 120 exhibitors.

Event: Coventry Business Expo
Date: 13 March 2024
Location: Village Hotel, Coventry Business Park, Coventry CV4 9GZ
Website: b2bexpos.co.uk/coventry-expo-march-2024
Brief: Join hundreds of local businesses and enjoy the opportunity to openly network with over 250 attendees from across Coventry. Local exhibitors will be showcasing their services and promoting their latest products. Free seminars and workshops as well as a speed networking session. The event is free to attend with registration.

Event: The Business Innovation Expo
Date: 13-14 March 2024
Location: ExCeL, London E16 1XL
Website: businessrevivalseries.co.uk
Brief: To feature a wide array of exhibitors showcasing their latest products, services, and solutions. From cutting-edge technologies to disruptive business models, this Expo will offer a first-hand look at the future of your industry. There will also be an extensive seminar and keynote program.

Event: Festival of Accounting and Bookkeeping
Date: 13-14 March 2024
Location: NEC, Birmingham, B40 1NT
Website: www.fab.uk
Brief: An event that brings accountants and finance professionals together to meet, share experiences and gain direct access to unique content and practical advice to help navigate challenges and improve business.

Event: Teesside Expo
Date: 21 March 2024
Location: The Grand Marquee at Wynyard Hall, Stockton-on-Tees, Billingham TS22 5SH
Website: teessideexpo.co.uk
Brief: An exhibition of a wide range of local organisations plus seminars and workshops on key business topics. The focus is on business networking and connecting visitors with new opportunities and clients.

Event: Liverpool Business Fair
Date: 21 March 2024
Location: Liverpool F.C. Anfield Stadium, Liverpool L4 0TH
Website: liverpoolbizfair.co.uk
Brief: A business to business exhibition showcasing around 60-70 exhibitors is the main feature of the Fair. However it is also a business support day with business seminars, opportunities to network and obtain business advice from a variety of experts and professional bodies.

Event: YORBusiness
Date: 21 March 2024
Location: Mercure Leeds Parkway Hotel, Otley Rd, Leeds LS16 8AG
Website: yorbusinessevents.co.uk/
Brief: A business expo and networking event for Leeds. Admission for visitors is free. Exhibitor prices start at £150.

April 2024

Event: International Franchise Show
Date: 12-13 April 2024
Location: ExCeL London, E16 1XL
Website: www.thefranchiseshow.co.uk
Brief: The UK’s biggest franchise exhibition featuring opportunities from around the world. Business owners get free access to over 250 exhibitors, 60 seminars, 1-2-1 personal advice, interactive features, expert guidance and more.

Event: SME XPO
Date: 23-24 April 2024
Location: ExCeL London, E16 1XL
Website: www.smexpo.co.uk
Brief: SME XPO is a FREE networking exhibition and conference run by the Evening Standard and designed to support the UK scaleup community. This event is designed to inspire and educate business leaders and owners, delivering a programme covering everything from strategy, investment, and scaling-up, to sustainability and more.

Event: lovelocalexpo
Date: 24 April 2024
Location: Impact Conferencing, 30 Sycamore Ave, Burnley, BB12 6QP
Website: lovelocalexpo.co.uk
Brief: An annual exhibition of businesses from all sectors and corners of Lancashire attracting visitors from across the north-west. Meet new clients, suppliers and collaborators and attend expert seminars. Access experts in business support, funding, grants, scaling and growth. Free to visit.

Event: North East Expo
Date: 25 April 2024
Location: High Gosforth Park, Racecourse, Newcastle upon Tyne NE3 5HP
Website: northeastexpo.co.uk
Brief: An event for small and medium sized businesses across the Tyneside, Wearside and Northumberland areas. It is free to attend as a delegate and you will get the chance to meet and network with over 150 Exhibitors, plus attend any of the 16+ seminars.

Event: National Convenience Show
Date: 29-30 April 2024
Location: NEC, Birmingham, B40 1NT
Website: www.nationalconvenienceshow.co.uk/
Brief: This is the biggest event for the convenience-retailing sector, providing a single platform for the whole market to come together – suppliers, wholesalers and retailers. You can, sample and source c-store-specific products and services and also gain access to four other co-located shows; Food & Drink Expo, Farm Shop & Deli Show, The Forecourt Show, and The Restaurant Show.

May 2024

Event: Anglia Business Exhibition
Date: 8 May 2024
Location: Trinity Park, Felixstowe Road, Ipswich, IP3 8UH
Website: www.angliabusinessexhibition.com
Brief: Originally started 28 years ago as the ISSBA Trade Fair, this is a small B2B exhibition to showcase local businesses, innovation and entrepreneurs and to be a platform to sell, trade and grow the local business community.

Event: Bristol Business Expo
Date: 9 May 2024
Location: BAWA Conference Centre, Bristol, BS34 7RG
Website: www.b2bexpos.co.uk/event/bristol-expo-may-2024
Brief: An opportunity to openly network with 300-400 attendees from across Bristol, explore the exhibition with a variety of local exhibitors showcasing their services, attend free seminars and workshops, and a speed networking session.

Event: The Business Growth Show
Date: 15 May 2024
Location: Cheltenham Racecourse, GL50 4SH
Website: thebusinessgrowthshow.co.uk
Brief: Organised by The Business Growth Network, the show is a destination for businesses to exhibit to grow and expand their business. Free to attend for visitors and offers attendees the chance to network with up to a thousand business owners, and decision-makers locally, regionally and nationally.

June 2024

Event: eTail UK
Date: 25-26 June 2024
Location: QEII Conference Centre, London, SW1P 3EE
Website: etaileurope.wbresearch.com
Brief: eTail UK is designed to help you increase the profits from your online business. A chance to connect with top minds from the UK’s most successful and innovative retailers.

September 2024

Event: Cumbria Business Expo
Date: 20 September 2024
Location: Carlisle Racecourse, Carlisle, CA2 4TS
Website: shoutexpo.com
Brief: A large scale B2B exhibition offering a diversity of businesses from across a range of sectors where like-minded business leaders can meet, share information and enjoy a day of making valuable connections. The organisers are anticipating over 1,000 visitors from 9.00 am to the 3.00 pm finish.

October 2024

Event: Devon Business Show
Date: 16 October 2024
Location: Plymouth Pavilions, Plymouth, PL1 3LF
Website: devonchamber.co.uk/devon-business-show/
Brief: The show is managed by the Devon & Plymouth Chamber of Commerce. A chance to meet and connect with the region’s leading businesses and entrepreneurs.

Event: Bishop’s Stortford Means Business
Date: 23 October 2024
Location: South Mill Arts, Bishop’s Stortford, CM23 3JG
Website: www.bsmb.co.uk
Brief: Exhibitors will have the opportunity to showcase their business to 300+ visitors in one day. It’s free to attend and you’ll get the chance to chat to many of the towns’ top businesses. All exhibitors and visitors can also attend the free seminars which will take place throughout the day.

November 2024

Event: The Business Show
Date: 13-14 November 2023
Location: ExCeL London, Royal Victoria Dock, 1 Western Gateway, Royal Docks, London, E16 1XL
Website: www.greatbritishbusinessshow.co.uk
Brief: One of the biggest shows/exhibitions in the business networking calendar with around 750 exhibitors and 200 seminars. The event runs alongside the Business Startup show and has previously attracted around 25,000 visitors over its two days.

Event: Halton and Warrington Business Fair
Date: 14 November 2024
Location: DCBL Stadium, Widnes WA8 7DZ
Website: haltonbizfair.co.uk
Brief: A friendly and lively annual B2B event that regularly attracts around 40 exhibitors and hundreds of visitors from the local area and beyond.

Event: Leicester Business Festival
Date: 6-17 November 2024
Location: Various
Website: www.leicesterbusinessfestival.com
Brief: An annual fortnight of business events, held right across Leicester and Leicestershire. The first festival was held in 2015 and has become a fixture across the city and county. Events are free and anyone can attend. They vary in type, structure and size, across digital and in-person platforms, and from workshops and seminars to product demonstrations, showroom tours and round tables.

Event: Sales Innovation Expo
Date: 27-28 November 2024
Location: ExCeL London, Royal Victoria Dock, 1 Western Gateway, Royal Docks, London, E16 1XL
Website: www.salesinnovationexpo.co.uk
Brief: “Welcome to Europe’s leading sales event, the only show of its kind to provide thousands of the most proactive sales professionals, with the tips, tricks and techniques they need to transform themselves, and their companies, into the biggest names within the world of sales.”

The post UK Small Business Events and Exhibitions Calendar appeared first on Small Business UK.

The proportion of businesses that are exporting goods and services has fallen to an eight-year low.

The Times reported a survey polling 3,000 firms which have revenues of over £500,000. Carried out in February and May this year, it found that the proportion of active exporters has fallen to 31 per cent. When it published the findings from the same survey in August the proportion was 34 per cent for 2022 – the annual figure hasn’t been below than 33 per cent since records began back in 2015.

Official trade data released on Wednesday (December 13) showed that the value of goods exports measured at current prices had risen by 1.2 per cent in October while the value of services exports remained steady. There was a 5.8 per cent fall in the value of goods exported to the EU and an 8.2 per cent in the value of non-EU exports. The British Chamber of Commerce said the drop in EU goods exports for the second month running was ‘a major concern’.

William Bain, head of trade at the British Chamber of Commerce, said: “We would urge policymakers to take further measures to support exports, especially to the EU.”

Of the exporters polled by the Department for Business and Trade, 29 per cent reported a decrease in service exports while 20 per cent said that they had increased. Firms selling goods reported a 38 per cent fall in exports against a 20 per cent rise.

Just over half of respondents agreed with the following statement: “Since the UK left the EU in 2020 there has been less demand for UK goods and services.” A little under a quarter disagreed. Of the companies experiencing problems with their supply chain, 68 per cent blamed Brexit, followed by the state of the economy.

Those who were actively exporting said that America, Australia, the EU, India and the Gulf states were ‘core markets.’ The main barrier to doing more exporting was custom-related red tape for goods along with overseas regulations and bureaucracy for those selling services, according to the companies surveyed.

Recently, UK Exporting Finance announced support for SME exporters.     

Exporting goods abroad: A complete guide for small businesses – In this article, we present the main considerations for a business looking to break into international markets – and look at two businesses that found success in exporting

The post Business exporting drops to 8-year low appeared first on Small Business UK.

HMRC said it’s going to be restricting access to its telephone helpline in the lead up to January 31, one of its busiest periods.

Changes will be introduced from Monday December 11 and will last until the end of January, according to an announcement made on December 7.

The helpline team will be focusing on ‘priority calls’, i.e. those that cannot easily be dealt with online. Other queries will be directed to the website and HMRC’s online services. A similar system will be in place for the helpline used by accountants and agents.

Jim Harra, HMRC’s chief executive, said the department’s web services are ‘our best kept secret’, with an approval rate of over 80 per cent.

“The run-up to the January 31 deadline is one of the busiest times of year for us and our customers,” he said.

“While around 97 per cent of our SA customers file their return and pay their tax online, 5.5m of them ring our helpline with a query. Around two-thirds of calls to the SA helpline can be resolved far quicker through our online services.”

HMRC needs to reduce its volume of contact with the public via phone and post by at least 30 per cent by 2025, compared with 2021/22, so that it can deliver with the resources that it has. “We will increasingly expect customers to use our online services where they can,” said Harra.

In response, MPs on the Treasury Select Committee have posed a series of questions demanding reassurance that a “critical number of people do not end up being denied services they could reasonably expect from HMRC.”

Committee chair Harriet Baldwin said: “The Treasury Committee has repeatedly stressed our concern about the management of the self-assessment helpline, particularly when it closed with such short notice over the summer, leaving many struggling to access help with tax issues.

“Giving the public less than two working days’ notice of a significant reduction in service, while the deadline for self-assessment returns looms, is yet another alarming development for an increasingly pressured government service.”

Baldwin also said that more people would need to file a self-assessment tax return in the coming years as frozen thresholds cause fiscal drag.

John Barnett, chair of the Chartered Institute of Taxation’s technical policy and oversight committee, is worried about the risk of this move increasing non-compliance with tax rules, leading to extra penalties and fines, reports the Financial Times. Barnett argues that this would ultimately give more work to HMRC as well as taxpayers.

Victoria Todd, head of the Low Incomes Tax Reform Group, said she was concerned about the move forcing people into using digital services. “Forcing taxpayers to use services that are not up to scratch risks an erosion of trust in the tax system.”

Read more

Some self-employed unaware of HMRC rule change – Experts worry that the self-employed are not familiar with this change which will affect the way that they report profits

More firms closing down than starting up – More businesses are closing down than starting up for the first time in over a decade, with transport and storage firms being worst hit

UKEF reveals extra support for SME exporters – SME exporters will have fast-track access to finance products along with potentially greater access to markets in India

The post HMRC to limit helpline in run-up to tax return deadline appeared first on Small Business UK.

UK Export Finance (UKEF) has announced new measures to help SME exporters to access more opportunities.

The body has expanded its ‘auto-inclusion’ scheme, giving businesses fast-track access to finance products like the government’s General Export Facility. The General Export Facility provides partial guarantees to banks to help UK exporters gain access to trade finance facilities. The following facility types are supported:

• Cash facilities such as trade loans
• Contingent obligation facilities such as bonding and letter of credit lines

This means that SME exporters can get government-backed support quickly without intervention from the UKEF.

The maximum support UKEF can offer under auto-inclusion has doubled from £5m to £10m. Now exporters can access more support with a simple request through a participating bank. General tenor for loans under the General Export Facility has also increased from two to five years, giving businesses more flexible repayment terms where needed.

Small businesses have accessed more than £280m in financing through the scheme since it launched in March 2021.

In addition, a new agreement between the UKEF and HSBC India would help SMEs export to markets in India. A Letter of Intent shows that they’re looking to establish a financing programme under the UKEF’s Standard Buyer Loan Guarantee (SBLG) programme. This would unlock up to £100m in potential loans, allowing Indian buyers to purchase UK goods and services.

Tim Reid, CEO at UK Export Finance, said: “We’re confident that our announcements will unlock even more deals for UK firms looking to sell to the world, whether they’re exporting for the first time or looking for the latest in a long line of export successes.”

Read more

Exporting goods abroad: A complete guide for small businesses – In this article, we present the main considerations for a business looking to break into international markets – and look at two businesses that found success in exporting

How to manage your accounts and bookkeeping as a sole trader – Want to know how to manage your accounts and bookkeeping while you focus on your business as a sole trader? Here we explore how to find the right software for your business and some of the best platforms on the market

Do I need an import licence? – Import licences are needed for goods the Government does not want to come into Britain unmonitored. Find out whether what you’re importing needs an import licence

The post UKEF reveals extra support for SME exporters appeared first on Small Business UK.

More businesses are closing down than starting up for the first time in 12 years.

Figures from the Office for National Statistics reveal that closures hit 345,000 last year, meaning that 11.8 per cent of all active businesses shut in 2022. That’s an increase from 11.2 per cent in 2021 and the highest since 2019 (namely the financial crisis) when rates were also at 11.8 per cent.

Before we go on, it’s worth noting that this is defined by business birth rate (the number of businesses that had either turnover or employment at any time during the period measured) versus business death rate (the number of active businesses that closed).

The number of businesses births fell by 7 per cent, from 364,000 to 337,000, between 2021 and 2022. The business birth rate mirrors the low in 2020, during the height of the pandemic and lockdowns. 

Transport and storage firms were the worst affected, with 23.8 per cent of businesses in this sector closing down between 2021 and 2022. The lowest death rate was in property at 7.1 per cent. The East Midlands had the highest business death rate in the UK at 13.2 per cent.

A combination of high energy costs, increased supplier prices and lower consumer spending were all contributors in the closures.

The increase of the Bank of England base rate has increased to 5.25 per cent, putting further strain on businesses. Conditions could potentially be made worse by 2023’s Autumn Statement which includes a rise in the National Living Wage to £11.44 per hour.

Read more

Autumn Statement 2023 for small businesses – Chancellor Jeremy Hunt announces packages of tax cuts for small businesses, including national insurance, freezing business rates for retail, leisure and hospitality and making the tax break for business investment permanent

Some self-employed unaware of HMRC rule change – Experts worry that the self-employed are not familiar with this change which will affect the way that they report profits

Small Business Commissioner to act on anonymous tip-offs – The Small Business Commissioner, Liz Barclay, will be able to conduct investigations and write reports based on information and tip-offs

The post More firms closing down than starting up appeared first on Small Business UK.

Chancellor Jeremy Hunt has announced what he calls the biggest tax cuts for business in modern British history in his Autumn Statement 2023.

Measures include slashing national insurance contributions for the employed and self-employed, extending the 75 per cent business rates discount for retail and hospitality businesses, and making the tax break for business investment permanent.

“Small businesses work so hard for us and the Conservative Party works hard for them,” Jeremy Hunt told the House of Commons.

Reacting to Chancellor’s Autumn Statement, Shevaun Haviland, director general of the BCC, said that smaller firms will be relieved to see a package of measures that alleviate the cashflow problems they face, such as continued business rates relief for hospitality, retail and leisure, and new rules to help them get paid on time.

However, Phil Foster, founder & CEO of energy broker Love Energy Savings, said the Autumn Statement 2023 has “not gone far enough for SMEs” and focused too heavily on backing big business.

Foster says: “The measures announced by the Chancellor will do little to keep many small businesses that I speak to on a day-to-day basis afloat in a high-wage, high inflation economy. While actions to address late payments and extending the business rates discount are welcome reforms, these do not address the main drivers of stress for business owners.”

Richard Godmon, tax partner at leading consultancy Menzies LLP, says that SMEs (“arguably the engine room of the economy”) were largely left out of the Autumn Statement with the exception of the freeze to the small business rates multiplier.

Said Godmon: “When it comes to the business environment, I’d give the Autumn Statement a six out of ten for the likely impact it will have on growth, investment and boosting productivity. I expect to see much more in the 2024 Spring Budget if the Government wants to go into the election with a stronger outlook.”

Autumn Statement 2023 for small businesses

Here are the headlines of the measures that Chancellor Jeremy Hunt has announced that will affect small businesses:

National Insurance

Jeremy Hunt has announced that he is cutting national insurance for more than 27 million people by 2 per cent in a move that will save a worker on the average £35,000 salary more than £450 a year.

The chancellor said that he would reduce the main rate of employee national insurance from 12 per cent on earnings to 10 per cent.

At present, employees earning more than £12,570 a year pay 12 per cent national insurance on their earnings up to £50,200.

Compulsory class two national insurance contributions for the self-employed will be abolished and class four national insurance contributions charged on profits of between £12,570 and £50,270 will be cut to 8 per cent, from 9 per cent.

The cuts will save the two million self-employed people in the UK £350 a year from April, the chancellor said.

Richard Maitland, partner at accountants MHA, points out that although the reductions in national insurance rates will put more money in the pockets of employees and the self-employed, the employer rate of NI is not being reduced and will stay at 13.8 per cent. Without any corresponding cut in employer NI, employers will continue to bear this “people cost” at the same level, says Maitland.

Maitland is also puzzled that for the entrepreneurial self-employed, the NI rate was only cut by 1 per cent not by 2 per cent as it was for employees. The self-employed have been handed an extra tax cut in that Class 2 NI has been abolished but that only gives them back £3.45 a week.

Business rates discount

The 75 per cent business rates discount for the retail, hospitality and leisure sectors will be extended by another year, Hunt announced.

Mr Hunt said: “Any small business will also tell you the biggest frustration is the tax you pay before making a penny of profit – not least business rates. This government has already taken a third of properties out of rates completely through Small Business Rates Relief. We have frozen the tax rate for the last three years at a cost of £14.5bn. We have removed downwards caps from Transitional Relief.

“And for retail, hospitality and leisure businesses we have introduced a one year 75 per cent discount on business rates up to £110,000. These measures have saved the average independent shop over £20,000. It is not possible to continue with temporary support measures forever. But whilst the standard multiplier, which applies to high-value properties, will rise in line with inflation, I have today decided that we will freeze the small business multiplier for a further year.

“And following extensive discussions with the FSB and many colleagues in the House, I have also decided to extend the 75 per cent business rates discount for retail, hospitality and leisure businesses for another year too.”

Full expensing

As predicted, the Chancellor has permanently extended “full expensing”, which allows companies to claim back up to 25p for every pound invested and which had been due to end in March 2026. The move will cost the Treasury about £10 billion a year. He said it would give Britain “one of the most generous tax reliefs anywhere in the world”.

Full expensing rewards firms for investing in their businesses by allowing them to claim back the cost of investments in IT and machinery in the year they were purchased, rather than spreading it across multiple tax years.

Neil Insull, corporate tax partner, at Blick Rothenberg, points out that the full expensing is really only for business and not small ones, as at least 80 per cent of businesses get full expensing through the Annual Investment Allowance.

And Ian West, head of technology at KPMG, points out that there was no increased tax relief on digital services. KPMG research recently calculated that a productivity boost from generative AI alone could add £31 billion of GDP to the UK economy.

West says: “Emerging technology can initially be expensive to use, so it was disappointing that an increase in tax relief for expenditure on digital services was not included in today’s Autumn Statement.

“Emerging technologies are often out of reach financially for small organisations. If businesses across the UK are not equally able to use innovative technologies, large organisations with greater resources will accelerate their market lead, resulting in potential digital inequality.”

Hunt replaces super deduction with new tax break – Among his announcements in the Spring Budget, the Chancellor has introduced full expensing, successor to the super deduction tax break

National Living Wage

As announced at the 2023 Tory Party Conference, the Living Wage for those aged over 21 will rise from £10.42 to £11.44 per hour. It will come into effect in spring 2024. The increase is worth £1,800 a year for the average full time worker.

Mike Randall, CEO of Simply Asset Finance, says, “The increase in National Living Wage is bound to be well received by workers across the country … However, for small businesses it’ll be yet another increase to overheads and present a tough balance for achieving growth alongside an increased payroll.”

Simon Rothenberg of accountants Blick Rothenberg agrees: “They have just spent 45 minutes talking about the importance of small business for growth and boosting them, and then he does not mention the impact on those businesses of the increase in national living wage. Many will actually have to make a decision to either cut numbers of people or increase prices (and further fuel inflation) – a very sensible and noble aim to increase minimum wage, but will it actually hurt in the long run?”

Investment zones

Hunt says three more investment zones will be established — what he calls “mini-Canary Wharfs”.

They will be in the West Midlands, East Midlands and Greater Manchester. Focused on advanced manufacturing, he claims that these will help garner about £3 billion in private investment and create 65,000 new jobs.

EIS and VAT

The sunset clauses on EIS and Venture Capital Trust (VCT) schemes will both be extended to 2035. A total of £18.2 billion has been raised through EIS over the last decade.

R&D

The two existing Research and Development (R&D) schemes – one for small businesses and the other for larger ones – will be merged into one single scheme. R&D tax credtis have been under scrutiny because of the number of “rogue claims” being made on behalf of businesses by advisers. In the 2021-22 financial year, £7.6 billion was claimed under the reliefs. Jim Harra, the chief executive of HMRC, said last month that the generosity of the relief had made it a “honeypot” for rogue advisers “helping people to make claims that are not compliant”.

Laurent Descout, CEO and Co-Founder of Neo, says: “SMEs must continue to be entitled to the highest rate of relief possible in a merged scheme. This is essential for the growth of start-ups, the economy and the UK’s reputation as a leading fintech and innovation hub.”

James Clough, CTO and Co-founder of Robin AI, adds: “A simplified R&D tax credit will be beneficial to both early-stage companies and those that are looking to scale. This decision particularly affects AI startups as high computing costs can make research within this sector a very capital-intensive exercise. Simplifying tax credits for deeptech and AI will be transformative for the sector and boost confidence for investors and founders alike.”

Late payments

Any large company bidding for Government contracts will have to demonstrate they pay their invoices to small business suppliers within 55 days.

Alex von Schirmeister, UK managing director, Xero, thinks the Government needs to toughen up on this issue.

Says Von Schirmeister: “We needed to see more teeth shown on this issue, and more urgency. We wanted it to be a final warning to big businesses who sit on suppliers’ cash. Let them know it’s not a late payment, it’s unapproved debt.”

Live blog

13:27pm: Surprise announcement that national insurance for the employed will be cut by 2 per cent from 12 per cent to 10 per cent, affecting 27 million people. This means that the person on an average salary of £35,000 will save £450 a year in contributions. The national insurance contribution will be cut from 6 January “so people can see the benefit in their payslips from the start of the year,” said Hunt.

According to the OBR, the measure will create 94,000 new jobs.

13:22pm: As expected, the National Living Wage will increase by 9.8 per cent to £11:44 an hour. Of course, this is paid by employers, not the Government.

13:15pm: Compulsory Class 2 National Insurance contributions for the self-employed to be abolished, saving £192 a year for the average self-employed person and cutting tax for two million self-employed. Voluntary Class 4 National Insurance contributions to be cut from 9 per cent to 8 per cent from April 2024, saving £350 a year for the average self-employed person.

“Small businesses work so hard for us and the Conservative Party works hard for them,” said Hunt.

13:11pm: Small business rates multiplier will be frozen for the coming year and the Chancellor has extended the 75 per cent business rates discount for independent retailers and hospitality for another year, at a total cost of £4.3 billion to the Treasury.

13:07pm: New enterprise zones to be created in West Midlands, East Midlands and Manchester, which, together will generate over £3 billion of private investment.

13:02pm: £500m to be invested over the next two years to help establish the UK as an artificial intelligence “powerhouse” as, Hunt says, AI will be at the heart of any future growth. The UK has the third-largest tech economy in the world. Taken together, all this support will attract an additional £2 billion of investment into Britain.

12:58pm: Pension fund reform including the establishment of a growth fund run by the British Business Bank.

New rules to encourage local authorities to fast-track business planning applications.

12:55pm: OBR predicts economy will grow by 0.7 per cent in 2024 and 1.4 per cent in 2025. Overall, the economy is 1.8 per cent larger than it was pre-pandemic.

12:39pm: Chancellor Jeremy Hunt stands up in the chamber to announce 110 growth measures, including making it easier to raise capital, cut business taxes, all of which will “remove barriers to investment” and will, according to the OBR, will increase GDP.

11:47am: Good morning and welcome to our live coverage of Chancellor Jeremy Hunt giving his Autumn Statement and how it affects small business. We will be covering the Chancellor’s statement as he delivers it this afternoon and update throughout with reaction from small business experts as it comes in.

…and what the Chancellor left out…

Tax-free personal allowance

One option under consideration was increasing the minimum threshold for employees to pay tax up from £12,500. The tax-free personal allowance has been frozen for six years, dragging millions into paying tax for the first time – so-called “fiscal drag”. Raising the minimum tax threshold from £11,850 to £12,500 in 2018 was seen as an incredibly positive thing to do for small businesses and their often low-paid staff.

The post Autumn Statement 2023 for small businesses appeared first on Small Business UK.

Oli Barrett MBE hosted the fourth British Business Awards 2023 at London’s British Museum.

The awards saw 229 attendees grace the museum’s BP Theatre on November 14.

Over 660 entries came in from 538 companies, which was then whittled down to 157 shortlisted nominees across 19 categories.

Barrett, a serial entrepreneur and “the most connected man in Britain” (Wired), commented on X/Twitter that it was “a massively enjoyable honour” to present the awards.

Winners were chosen by a panel of 12 judges including Small Business Commissioner Liz Barclay, founder of 1000 Black Voices Elizabeth Shaw and Talk Think Do CEO, Matt Hammond.  

This years sponsors were Awin, HSBC and Smart Meters, with Home Grown as a media partner.  

Tania Ferreira, event director of British Business Awards organiser, Stubben Edge, said: “The excitement for this year’s British Business Awards was palpable. The energy in the room on the day was fantastic and all our attendees were truly engaged and there to support one another.

“We are delighted to be able to provide this platform to highlight and celebrate the brilliant UK SMEs out there – they are doing amazing things! Congratulations again to our 2023 shortlistees and winners. We look forward to following your success and supporting you all the way.”

British Business Awards 2023 – the winners

Black, Asian and Minority Ethnic Business of the Year

• Bezaleel Solutions Ltd 
• Diversifying Group
• Essentialise Workplace Wellbeing
• Ibadah London
• LoveRaw
• Nemi Teas Ltd
• Ngozi Cadmus
• ScreenHits TV
• UpSkill Digital
• ZR Consultants Ltd

Winner: UpSkill Digital

Business Lender of the Year

• Dawsongroup Finance
• Fearless Adventures
• Haydock Finance Ltd
• 365 Business Finance
• mycashline
• Nucleus Commercial Finance
• Tallaght Financial Ltd – trading as Cubefunder
• ThinCats

Winner: ThinCats

Entrepreneur of the Year

• Abdul Thadha, Books2Door
• Andrea Clewett, Showerscape
• Aurangzaib Chawla, Lanop Pvt Ltd
• Deirdre Mc Gettrick, ufurnish.com
• Jeff Dewing, Cloudfm Group
• Jo Tutchener-Sharp, Scamp & Dude
• Karen Turton, Purple Story Ltd
• Penny Reid, Eximia 
• Rishiraj Kapur, ABI Business Services Ltd – trading as V4 Telecom
• Samantha Charles, Float Digital

Winner: Jo Tutchener-Sharp, Scamp & Dude

Health and Wellbeing Initiative of the Year

• Ecosulis Ltd
• Homeglow Products Ltd 
• Incorporating Wellness with Kelly Hopley
• Inuvi
• LDM UK 
• Lifestyle Fitness Gym ltd
• NovaPure Naturals
• Sarah Banks Coaching
• The Miracle Foundation
• Zen Communications Ltd

Winner: Inuvi

Inclusion Initiative of the Year

• Amazon Web Services
• BioStrata
• Cosgrove & Drew Ltd
• ISC Group
• Magnetar IT
• North East International Film Festival
• The Dogs Squad CIC
• The Fearless Academy
• The Sheldon B&B

Winner: The Fearless Academy

Insurance Broker of the Year

• John Palmer, Coversure Poole
• Ben Davis, Superscript
• Janthana Keenprakhamroy, Tapoly

Winner: Janthana Keenprakhamroy, Tapoly

Micro Business of the Year

• Amity Fish Company Ltd
• Destination Digital Marketing
• Float Digital
• Gangplank Ltd  
• Global HR Implementation Services   
• Ibadah London 
• International Business Centre Ltd 
• Juliemay Lingerie 
• Southwest Chauffeur Auto and Driver Services Ltd
• The Power Within Training & Development Ltd

Winner: Juliemay Lingerie

Most Innovative Business Idea of the Year

• CeraPhi Energy
• Copner Biotech 
• Haybrooke Associates Ltd 
• iCOR Systems Ltd 
• Juliemay Lingerie 
• Odonata International Ltd ( SNOAP )
• Plantasia Tropical Zoo 
• The Teatle Ltd 
• Trust Electric Heating
• Yardd

Winner: CeraPhi Energy 

Next Generation Entrepreneur of the Year

• Ben Thornton, Thornton’s Growing and Living
• John Hall, The Development Plan Ltd – trading as GetBoardwise
• Joe Seddon, Zero Gravity
• Zoltán Kopácsi, Best of Hungary

Winner: Joe Seddon, Zero Gravity 

Recruitment Advisor of the Year

• Ellie Fisher, AKA Recruitment 
• Fiona Morrison-Arnthal, Ambitions Travel Recruitment 
• Phillipa Nicholson, Blue Bull Recruitment Ltd 
• Gareth Lee, G&J Lee Recruitment 
• Jason Whittenham, Kenect Recruitment 
• Emily Doull-Reeves, Lawes Consulting Group 
• Ricky Patel, Mase Consulting 
• John Lugsden, Rogers Mchugh Recruitment Ltd 
• Richard Barker, Talent Locker 
• James Pepe, WPR 

Winner: Phillipa Nicholson, Blue Bull Recruitment Ltd

Retail Business of the Year

• AJ Sports
• Flare Audio Ltd
• Ice of Ixworth
• Pennine Cycles
• Play Square Ltd – trading as Crazy Thumbs
• Sew Creative Ltd

Winner: Flare Audio Ltd

Small Business of the Year

• Adventure Togs
• Clootie McToot Ltd 
• Excel TM Group Ltd 
• International Business Centre Ltd 
• JLLighting 
• Pets Purest Ltd 
• Resus Rangers Ltd 
• The Bath House – Banya London 
• TOAST 
• White Horse Energy Ltd&n

Winner: Pets Purest Ltd

SME Accountancy Firm of the Year

• SME Accountancy Firm of the Year
• GW & Co Ltd 
• Philip Hare & Associates LLP 
• TaxAssist Accountants 
• Vibrant Accountancy 

Winner: Philip Hare & Associates LLP

SME Marketing Agency of the Year

• BioStrata
• Blue Array
• Digital Media Team
• Gambit Partners
• La La Communications
• Mitchell & Stones
• PPC Geeks
• The DM Lab
• ThinkEngine
• Unicorn Orange Ltd

Winner: PPC Geeks

Start-up of the Year

• Ambitions Travel Recruitment
• Bloomwise 
• Boddice Accounting Ltd 
• Essentialise Workplace Wellbeing 
• Gretel 
• Know-it 
• Metaverse VR Ltd 
• Social Media Kickstarter Training Ltd 
• Stardust Book Services
• STEPS Prosthetics

Winner: Metaverse VR Ltd

Sustainable Business of the Year

• Clean Energy Capital
• EQ Investors 
• Green Tomato (Midlands) Ltd 
• Groundwork Wales 
• iCOR Systems Ltd 
• Just Peel Ltd 
• Lyfcycle Ltd 
• Nemi Teas Ltd 
• Pulp2 Ltd
• VideOdyssey

Winner: Just Peel Ltd

Technology Provider of the Year

• BrightHR
• C2-Ai
• ClickMechanic
• Freemarket
• Magnetar IT 
• Ortharize 
• Pulse 
• RefTech Ltd 
• Satago 
• Voilo 

Winner: Voilo

Woman Led Business of the Year

• Bare Kind
• Bays Consulting Ltd
• Diversifying Group
• Emerging Communications Ltd
• JEKBEE
• Maria Fogg Family Law Ltd
• Scamp & Dude
• ScreenHits TV
• Tomson Consulting Ltd
• ufurnish.com

Winner: Diversifying Group

Read more

How entering awards can help your business grow – Francesca James explains how entering awards can bring you closer to achieving your business goals

The post Who won at the British Business Awards 2023? appeared first on Small Business UK.

Tax experts are concerned that the self-employed are unaware of an HMRC rule change on reporting profits, according to the Financial Times.

The change, known as Basis Period Reform, will affect 528,000 sole traders and partnerships whose accounting years don’t end on April 5 or March 31. From April 2024, they’ll have to report their taxable profits to HMRC up until April 5, even if their accounting year ends at a different time.

Find out more about Basis Period Reform here

The Financial Times reports that the change has not been widely publicised, so businesses without tax advisors may simply not know of the new rule.

The idea is that businesses are transitioning in the 2023/24 tax year – and the government will be charging more than 12 months’ worth of profit. That means that you will need to report profit from the day after your accounting year end in 2022/23 up to April 5 2024. The start of the policy was pushed back from April 2023 to April 2024 following a backlash from business and tax professionals.

If you’re affected, you can lessen the impact by claiming any ‘Overlap Relief’ that you may be entitled to. This is for overlap profits, i.e. profit covering more than 12 months, otherwise known as transition profit. This means you’ll be able to spread transition profit over the following years up to the 2027/28 tax year.

Find out more about Overlap Relief here

About a third of partnerships are believed to be affected, says the consultation document on the change. It will also affect around seven per cent of sole traders such as hairdressers, construction workers and taxi drivers.

HMRC said that the changes would prevent double taxation and make sure that profits are only taxed once: “This reform will simplify the current complex and confusing basis period rules with a single, consistent basis for all businesses,” it said.

“It is a revenue-neutral measure and the Office for Budget Responsibility said the idea that is raises tax is a fiscal illusion.”

Read more

Call for increased tax breaks for spending on digital services – Signatory Sage has said small businesses embracing technology could add £232 billion of value to the UK economy

Self-employed hit with interest rate hike on overdue tax bills – HMRC imposes 7.5% interest rate on overdue self-employed tax bills from Monday, July 31

A quarter of R&D tax relief lost to fraud and error – HMRC says the scheme for small businesses was responsible for £1bn of lost payouts between 2020 and 2021

The post Some self-employed unaware of HMRC rule change appeared first on Small Business UK.

Businesses in England affected by Storm Babet could be eligible for thousands of pounds in government support.

The storm caused devastation across the midlands and parts of Scotland earlier in October.

If your business has been significantly impacted by recent flooding, you’ll be eligible for 100 per cent relief on business rates for at least three months.

Small and medium-sized businesses in affected areas will also be eligible for up to £2,500 from the Business Recovery Grant to ‘help them quickly return to business as usual.’ On top of that, flood-hit property owners can apply for up to £5,000 to make their business more resilient to future flooding through the Property Flood Resilience Repair Grant Scheme.

Speaking about the aid, environment secretary, Thérèse Coffey, said: “Our Property Flood Resilience Repair Grant Scheme will soon be open to help residents better protect their property in the future, giving some peace of mind as they rebuild and repair.” 

Some of the support will be given under the Flood Recovery Framework, which can be enacted quickly to supply help to communities affected by severe flooding.

My business has been hit by Storm Babet – how do I apply for funding?

Much like financial support during the Covid-19 pandemic, local councils will be supplying the funding. They’ll announce further details on eligibility and how to apply in due course so keep an eye on your local council’s website.

Andrew Goodacre, CEO of the British Independent Retailers Association (Bira), said: “We are glad to see the support measures being put in place so quickly for much-needed relief to small businesses grappling with the consequences of the destructive storm.

“Support needs to be made available quickly and the money allocated to affected businesses as a matter of urgency as retailers are now approaching what is traditionally the busiest time of the year,” he said.

Further reading

How to claim on business interruption insurance post-pandemic – Steven Skiba explains how Covid-19 shook up the world of business interruption insurance and what you need to know about making a claim

150 UK small business grants to apply for right now – UPDATED – In need of some funding for your small business? These grants should give you a boost, wherever you’re based in the UK

How to get a business grant from the council – Since Brexit, the number of business grants offered by local authorities – many of them funded by the European Union – have dried up. We list council business grants still available for your small business

The post Firms hit by Storm Babet could get £7,500 from government appeared first on Small Business UK.

Business technology providers including Sage, Shopify and Zoom have written to Chancellor Jeremy Hunt calling for increased tax breaks for spending on digital services.

The companies say that implementing tax breaks for digital services would “empower” small and medium-sized enterprises and help them to leverage artificial intelligence to improve overall productivity – a key Government concern.

Without action, warns the letter, Britain’s global competitiveness will be harmed along with any aspirations to become a science and technology superpower.

The best CRM system for your micro business – A customer relationship management (CRM) system can really help your micro business to grow. We take a look at key features and platforms

“Falling behind on digital adoption also means falling behind on the coming wave of AI deployment across the economy,” said the letter, seen by the Financial Times, which was sent to Mr Hunt on Friday.

“Unless we can correct this, economic growth, competitiveness, and the ability to become a science and technology superpower is at risk,” it added.

Small businesses should be allowed to claim up to 140 per cent on the first £50,000 they spend on “productivity enhancing” digital services, along with an extra 40 per cent deduction against a business’s corporation tax bill, compared to how they can write off business expenses right now.

Avoid these AI risks in your business – Generative AI has its uses in business but getting it wrong can be damaging. Katherine Evans explores the potential pitfalls

Support could take the form of a scheme similar to Australia’s small business technology investment boost, which offers companies with an annual turnover of less than A$50 million (£26 million) an additional 20 per cent deduction on technology expenditure.

According to Sage, small businesses unlocking the full benefits of technology could add an extra £232 billion of value to the UK economy, almost doubling the value of tech use to £448 billion annually.

However, the most significant barrier to tech adoption for small businesses is cost, according to Sage, with 41 per cent of SMEs concerned about adopting new tech due to cash flow pressure.

More on small business technology

7 top tips for saving on energy bills using IT – here are seven tips for companies and staff to keep energy bills down, while continuing to innovate with IT

The post Call for increased tax breaks for spending on digital services appeared first on Small Business UK.

Smaller businesses are losing out on £7.5bn in savings rates, according to new figures.

In a letter to the Treasury Select Committee, Allica Bank’s chief executive, Richard Davies, said that SMEs should be receiving this sum in interest per year on their deposits.

“This is either because their savings are being left in accounts with no interest or – worse in our eyes – because SMEs are being systematically offered lower interest rates for their savings than the rates offered to large companies,” he said.

“[There are] major issues with the SME savings market, where there is a significant lack of transparency and where SMEs are getting an incredibly poor deal.”

Davies wrote to the Treasury Select Committee’s current SME finance inquiry to urge them to include a specific investigation into the SME business savings market.

MPs set up the inquiry in July this year and are currently reviewing evidence to inform which topic areas they should focus their work.

When the inquiry launched, Harriet Baldwin MP, chairman of the Treasury Committee, said: “As a committee, we will be examining whether small businesses are able to access the finance they need to grow and develop, whether there is adequate regulation of the sector, and if government can take a more active approach to support business growth.”

Allica Bank estimates that £150bn of small business deposits aren’t getting any interest. A further £125bn are subject to a ‘hidden SME penalty’ in the form of a relatively low rate. That’s generally around two percentage points below the rates offered to larger businesses.

UK Finance, the body that represents banks, said the market for SME deposits is ‘competitive’, with a wide variety of products offering different rates and ease of access for SMEs. “We would encourage SMEs to shop around to ensure they get the product that best meets their needs,” a spokesman said.

Find out if you could earn more interest on your business savings account at Akoni Hub

Further reading on small business financing

How to get a business loan in 5 steps – Follow this 5-step plan if you want to secure a loan for your small business. There is a wealth of high-street banks and alternative SME lenders to choose from

Small business energy grants – what’s available – Whether you want to install an electric car charging station, replace your old boiler with a heat pump or just replace draughty windows, you can apply for a range of energy grants

Is it worth hiring an accountant as a small business? – Running a business isn’t a walk in the park, and business owners often have a million things to do at once. Outsourcing some services (like your accounts) is a great way to free up some time

The post Small firms £7.5bn poorer due to low savings rates appeared first on Small Business UK.

Inflation could trigger a rise of almost £2bn in business rates from April 2024.

Analysts at Colliers International predict that the tax will rise from £26bn in 2023/24 to £27.7bn in the next financial year. Property intelligence firm, Altus Group, puts the increase a bit higher at £1.95bn.

Business rates will be recalculated in April using the government’s multiplier. This is typically linked to the consumer price index (CPI) from the previous September, which was confirmed yesterday (October 18) at 6.7 per cent.

The tax is affected by rateable value of business premises rather than being tied to earnings. This means that retail, hospitality and leisure businesses in busy high street areas will be disproportionately affected.

It has held steady at 51.2p for every pound in rateable value since April 2020, but it would rise 6.7 per cent to 54.6p in every pound if the multiplier is reinstated next year.  

Not only does this inhibit businesses from investing in their own growth, it could see the closure of many SMEs altogether. Figures from The Insolvency Service show that registered company insolvencies are up 17 per cent in September compared to the same period last year.

John Webber, head of business rates at Colliers, said: “All sectors are suffering from increased costs, whether from increased energy bills, material or energy costs, whether from increased wage bills, materials or energy costs. They cannot cope with the hike in rates bills too.”

UKHospitality is calling on the government to freeze the business rates multiplier while maintaining the 75 per cent relief rates relief for retail, leisure and hospitality businesses. The organisation estimates that the inflation-linked rise will cost hospitality businesses an additional £234m. Combined with the estimated £630m that the ending of the current rates relief would bring about. The two together would leave hospitality facing an enormous £864m in business rate costs next April.  

A Treasury spokesman said: “Whilst one third of businesses don’t pay business rates at all due to the government tax relief, we recognise the challenges the retail, hospitality and leisure sectors face, which is why we have slashed their bills by 75 per cent, protected them from rising energy costs and are keeping the duty on pints down through our Brexit pubs guarantee.”

Further reading

Business rates relief ‘likely’ to extend beyond April 2024 – Business rates relief for SMEs is ‘likely’ to continue into 2024/25. John Webber explains why this isn’t so good in the long run

What are business rates? A guide for small businesses – What are business rates, how much are they and do tenants have to pay them? Sophie Attwood of Colliers answers your questions

How to challenge your business rates – It’s up to you to challenge if you think you’re being asked too much in business rates. And with 85% of his challenges being accepted, Steve Hughes of RVA Surveyors says it’s worth doing

The post Inflation could spell £2bn rise in business rates appeared first on Small Business UK.

The Small Business Commissioner will have the power to investigate and publish reports on late payments based on anonymous tip-offs.

New powers are to be introduced along with a raft of other measures laid out in the upcoming Prompt Payment & Cash Flow Review. Other such measures include:

• Extending payment performance reporting obligations – there will be new metrics for reporting, including a value metric, so businesses and commentators can see the value of metrics
• Providing greater advice for small businesses on negotiating payment terms that better suit their needs
• Closer integration of the Small Business Commissioner with other late payment functions
• Strengthening the Prompt Payment Code so that signatories must reaffirm their commitment every two years to stay on it

The aim of the measures is to create a stronger payment culture while giving small businesses a more stable and reliable cash flow. All in all, it should mean less time chasing payments for small business and more time to put into growth.

The Prompt Payment & Cash Flow Review is ‘due to be published shortly’, according to the government.

In 2022, SMEs were owed an average of £22,000 in late payments and many don’t have the time or resource to deal with them. Tackling late payments could also boost the economy by £2.5bn annually.

Small Business Minister, Kevin Hollinrake, said: “Small businesses form a crucial part of large companies’ supply chains. Without them, they couldn’t do business. It’s only right that they should be paid promptly for their services.

“SMEs that are paid on time can do more business, scale up and make more profits, delivering growth for the economy.”

Read more

Late payments watchdog collects less than £1m in past two years – Office of the Small Business Commissoner claws back just £800,000 in late payments since new commissioner took over, saying sums involved are getting smaller

Small businesses spend hour and a half each day chasing late payments – UK SMEs are owed more than £50bn of late payments between them as big companies put off settling invoices

How to tackle late payments to your small business – Late payments cost small business owners £6.7bn a year just chasing overdue invoices. Antti-Jussi Suominen offers solutions as to how to handle late payments

The post Small Business Commissioner to act on anonymous tip-offs appeared first on Small Business UK.

Firms will pay an extra £1.56bn on their bills from next year unless business rates are frozen again, according to Colliers International.

Business rates are due to rise from April 2024. However, under the government’s ‘multiplier’, the rates will increase in-line with this September’s inflation as measured by the Consumer Price Index (CPI).

CPI is estimated to be at around 6 per cent for September – down 6.7 per cent from August. Analysis from Colliers International forecasts that business rates will rise from £26bn in 2023/24 to £27.56bn in 2024/25.

John Webber of Colliers International said that the rises are unsustainable: “All sectors are suffering from increased costs, from increased wage bills, materials or fuel,” he said. “They cannot cope with a hike in rates bills too.”

Forty-four British retailers have written to the chancellor ahead of his autumn statement in November, urging him to freeze rates again. They estimate that an extra £400m could be added to their cost base from next year if the rates aren’t frozen.

Webber thinks that the system as it stands, which yields about £25bn per year for local authority funding, “is unsustainable in its current form.”

A Treasury spokesman said: “The multiplier has been frozen for three consecutive years at an overall cost of £14.5bn. We have also provided 75 per cent relief for retail, hospitality and leisure properties, a tax cut worth over £2 billion for around 230,000 businesses. All taxes are kept under review.”

Chancellor Jeremy Hunt introduced the tax relief and business rates freeze during the autumn statement last year. It is believed that the current relief for retail, hospitality and leisure businesses will continue beyond 2024.

Read more

Business rates relief ‘likely’ to extend beyond April 2024 – Business rates relief for SMEs is ‘likely’ to continue into 2024/25. John Webber explains why this isn’t so good in the long run

How to challenge your business rates – It’s up to you to challenge if you think you’re being asked too much in business rates. And with 85% of his challenges being accepted, Steve Hughes of RVA Surveyors says it’s worth doing

Do I need to pay business rates working from home? – Nearly half of the workforce was working from home at the height of Covid. But do you need to pay business rates if you’re working from home?

The post Business rates set to add £1.56bn to bills appeared first on Small Business UK.