In seeking to stimulate the slowing economy, and promote small business growth, the latest annual UK budget announced an increase in the tax relief on their commercial properties provided by the Small Business Rate Relief (SBRR) program.
This relief provides for both lower taxes (and no taxes in the case of certain businesses) based on the rental value of commercial property.
For London's vibrant fintech scene, the benefits will be welcomed at a time when small businesses are calling for both lower and simpler taxes.
The Small Business Rate Relief (SBRR) will be doubled from 50% to 100% from April 2017. The threshold will also go up from £6,000 to £15,000 for the lower business rate, and from £18,000 to £51,000 for the standard business rate.