Phillip Hammond’s first budget as Chancellor of the Exchequer has seen an increase in tax for those that are self-employed, as well as changes to business rates.
The rateable value of a business determines how much they have to pay in terms of business rates, with Hammond promising that no business losing their rate relief will have to pay more than £50 a month for the next year.
Hammond also outlined in the budget that only the self-employed that earn over £16,500 in profits will see their taxes increase.
Critics of the changes have been accused of scare mongering, as it is widely expected that these changes will result in a fall in rates for most businesses.
Concerns surround the future of independent shops, as any increase in rates to an already struggling business could see many forced to close down and the high street is expected to be hit especially hard as they have a higher rateable value.
We went to independently owned businesses in Falmouth to find out how this budget will affect the way they operate and what they expect for the future of their business.