The Independent Garage Association (IGA) has welcomed the reduction in small business rates announced by the Chancellor in today’s Autumn Budget.
“We are delighted the Chancellor is considering small businesses who are the lifeblood of the UK economy,” Stuart James, IGA Director comments.
“This will help garage owners by allowing them to re-allocate their budget in a difficult market environment, at a time when the aftermarket is evolving and an increase in investment in tools and equipment is absolutely essential.”
In today’s Budget, the Chancellor confirmed that its new business rates relief, targeted at small retailers, could knock a third off their bills and that 90% of them would benefit from the proposals. To qualify as a small retailer, business premises must have a rateable value of £51,000 or less.
Also in response to the Budget statement, Martin Gray, CEO of Euro Car Parts commented: “As the dust settles on Philip Hammond’s 2018 Budget announcement, it’s clear that this was a declaration with small businesses firmly in mind.
“This tax relief represents a significant opportunity for independent repairers to focus on their own business growth. Indeed, that extra £8,000 would serve workshops well if they invested it in the skills and equipment required to continue servicing the vehicles of tomorrow. Modern vehicles are becoming more complex with sophisticated use of electrics and it is essential that the independent sector has both the skills and equipment required to work safely on these vehicles during repair and servicing work.”