Business Owners Feel The Rates Pinch
11 September 2017 By George Dobson BSc (Hons) MRICS
Thousands of small businesses hit hardest by the recent changes to business rates in the UK have been dealt a fresh blow after a £300m relief package promised in the budget was waylaid by the general election of earlier this year.
The government has come under pressure to act on business rates after the 1st April 2017 revaluation of property in the UK has impacted owners of all businesses but especially those of shops, restaurants and pubs in parts of the country including Brighton & Hove. Many operators have decided that “enough is enough” and have looked to dispose of their assets, before they become of a financial burden too great to swallow.
Business properties are usually revalued every five years, however due to the economic downturn, this was pushed back by two years. The last revaluation of 2010 was based on property values from 2008 and explains why some firms have seen a sharp rise in their business rates, which are based on the value of commercial property.
According to research firm CVS, the average rateable value of shops in England and Wales increased by 8.5% at the start of April 2017 – a huge rise.
If you wish to discuss disposing of your commercial premises, please contact our commercial agency team on 01273 701010 or contact George Dobson BSc (Hons) MRICS at [email protected] .