| answer text |
<p>The Government is committed to supporting small and local businesses in the hospitality,
tourism, and services sectors, which provide a significant contribution to the UK
economy and society.</p><p> </p><p>At the Autumn Statement 2023, the Government announced
an extension to the 75% business rate relief for eligible retail, hospitality and
leisure properties for 2024-25, a tax cut worth £2.4 billion.</p><p> </p><p>Spring
Budget 2024 goes further to support SMEs by increasing the VAT registration threshold
from £85,000 to £90,000 which means the UK now has the joint highest VAT registration
threshold in the OECD. This keeps the majority of UK businesses out.</p><p> </p><p>Our
Small Business Rates Relief means one-third of business properties in England already
pay no Business Rates. We provide other tax reliefs benefiting SMEs such as the Annual
Investment Allowance and Employment Allowance, and support investment in SMEs through
British Business Bank programmes.</p><p> </p><p>Furthermore, over this Spending Review
period – the Government has allocated over £100m to the British Tourist Authority
to support VisitBritain and VisitEngland with marketing activity to promote Britain
as a destination.</p>
|
|
