Tax cuts for Mid Sussex businesses: MP welcomes changes from this April

From this April business rates for small businesses and retail, leisure and hospitality businesses will be frozen or cut, while the VAT threshold will be raised to support small businesses.

MP Mims Davies 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.

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“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.”

The changes include 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 per cent Retail, Hospitality and Leisure relief.