Helping businesses in Tooting
Wednesday, 01 April 2009 17:03
Below is a letter I recently had published in the Tooting Guardian regarding the impact of business rates on local businesses.
To the Editor,
As someone who spends a great deal of time meeting local businesses, particularly retailers, I know some of the challenges facing them.
This is why I’ve been continuously lobbying the Treasury and others in government, asking them to do more to help small local businesses in Tooting.
I’m really pleased that this week the Chancellor announced that the majority of any routine increase in businesses rates has now been deferred, sparing businesses the burden of the increase.
Firms that were threatened with increasing bills will now have to pay a 2 per cent increase for 2009-10 and the remaining 3 per cent will be spread over the following two years.
This means that businesses in Tooting will now have more money and it will give breathing space to those who are struggling. In total 1.6 million businesses nationally will save an average of £375 each, many in Tooting.
I am also pleased that the government is also helping out local businesses by deferring other tax payments, like VAT and Corporation Tax. So far in London £241 million in taxes have been deferred, meaning thousands more pounds staying in businesses here in Tooting, helping businesses stay afloat and keeping employees’ jobs safe.
Sadiq Khan MP
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