Business Mileage
The temporary mileage increase introduced in April 2026 of £0.55 has been made permanent, meaning that for the 10,000 miles a rate of £0.55. The rate for any mileage beyond the first 10,000 has been increased from £0.25 to £0.35 from 6th April 2027.
Business Rates
The Budget announced an increase in Small Business Rates Relief from £12,000 to £18,000, but only for qualifying retail, hospitality and leisure premises. The higher threshold will not apply to all small business premises.
Financial Support for Small Businesses
The British Business Bank’s Growth Guarantee Scheme is being expanded to provide an additional £6.5 billion of lending to small and medium sized businesses. The Bank’s overall financial capacity is going to increase by £5 billion to help provide wider access and support to finance for growing businesses.
Changes to Tax Payments
The Government has announced that from April 2029 they expect self-assessment tax payers who fallen within payments on account are going to be expected to move to more regular and automated payments throughout the year. The frequency, and any transitional periods, have yet to be agreed and announcement. This could have significant impacts on the cashflow for sole traders, landlords and company owners even where the overall tax liability will not change.
Businesses will also be required to set up Direct Debit instructions for the payment of VAT and PAYE liabilities. While other methods will remain in place they will ne cut off over time.
