Budget: Good news for small firms in East Herts

Mark Prisk MP today welcomed the Budget which included a series of measures to help small shops and businesses. Mark Prisk is a former Business Minister and has campaigned for help for small businesses and the self-employed.

He said “This Budget is great news for small firms and the self-employed across East Herts. In particular, the cuts in Business Rates bills and Stamp Duty on commercial premises will help our high streets in Bishop’s Stortford, Hertford, Sawbridgeworth and Ware. When taken with cuts in payroll tax bills for the self-employed this Budget will make a big difference to our local economy.”

The Chancellor set out a number of changes to business taxes including

  • Permanently doubling the Small Business Rate Relief to 100% for the smallest business premises

 

  • Taking 250,000 small business properties out of Business Rates bills altogether

 

  • Lower stamp duty on small commercial premises

 

  • Cutting the payroll tax bills for the self employed

 

  • Cutting the rate of corporation tax to 17%, in 2020.

 

The Budget also included important measures to encourage investment, improve infrastructure, encourage young people to save and help homeless people sleeping rough.