Business Rates Could Rise to £280 Million

It’s possible that UK retailers could get hit where it really hurts;next year, in the wa

Published 17th October 2017

It’s possible that UK retailers could get hit where it really hurts next year, in the wallet. Reports are that they could face a further £280 million on business rates, which experts conclude could lead to less shops and even fewer jobs for UK citizens.

With the September retail price index (RPI) set to rise up to 4% due to the falling value of the pound it could lead to a rise in commercial property tax, which is being revaluated in April when the tax year ends.

As the retail industry already struggles to deal with last year’s rate rise the news of another potential hike will be extremely unwelcome. Reports are suggesting that as many as one small business owner per week is jailed after failing to keep up with their increased business rates.

With so many shops already sitting vacant, the pressure on small retailers is set to increase, especially in economically-vulnerable places.

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