2024/25 Business rates explained

At the Autumn Statement on 22 November 2023, the Chancellor announced a package of support worth £4.3 billion over the next 5 years to support small businesses and the high street.

For 2024/25 the Chancellor announced, that:

  • the small business multiplier will be frozen at 49.9p
  • the standard multiplier will be uprated in April by September’s CPI figure (6.7%), increasing the multiplier from 51.2p to 54.6p
  • the 2024/25 Retail, Hospitality and Leisure scheme will be extended for a fifth year into 2024-25, retaining the existing scope and providing eligible properties with 75% relief, up to a cap of £110,000 per business

These changes will have effect from 1 April 2024.

Assistance being provided to businesses that have seen an increase in their rateable value following the 2023 revaluation

Transitional relief will limit how much your rates will increase each year following the 2023 revaluation. If eligible, we will adjust your bill automatically which means changes to your rates are phased in gradually.

For further information, visit Business rates relief: transitional relief on GOV.UK.

Small Businesses

Businesses no longer entitled to Small Business Rates Relief following the 2023 revaluation

Supporting Small Business Relief will assist businesses who are no longer entitled to some or all of their Small Business Rates Relief.

The relief will be automatically applied to eligible businesses and will mean that your rates bill will go up by no more than £600 than the 2023/24 financial year bill. For further information, visit Business rates relief: Supporting small business relief on GOV.UK.

Retail, Hospitality or Leisure Businesses

Retail, Hospitality and Leisure Relief provides eligible and occupied properties with 75% relief. A cash cap of £110,000 per business is in place across all of their properties in England.

For further information and eligibility criteria, visit Business rates relief: 2024/25 Retail, Hospitality and Leisure Scheme, local authority guidance on GOV.UK.

Help and support available to businesses

Many businesses are unaware of the extensive range of support services, initiatives and funding opportunities available to them.

We are committed to helping businesses in Trafford to grow and prosper. We work closely with business support agencies across Trafford and beyond to give you easy access to any support or information you may require.

We work with and support a wide selection of partner organisations, who offer this range of business support services.

Self-Catering/Holiday Lets

The Valuation Office Agency (VOA) has changed how they assess self-catering/holiday lets for business rate purposes. If the property does not meet the VOA’s new criteria, it will remain in the Council Tax List until the criteria are met. For further information visit changes to business rates rules for self-catering properties on GOV.UK.