New business rates cause concern for retailers
The government’s revaluation of business rates, which comes into effect next April will cause
Published 14th December 2016
The government’s revaluation of business rates, which comes into effect next April will cause added pressure for many retailers across the UK.
In a recent poll by DIY Week, 90% of 500 home improvement retailers reported that their rates will increase as a result of the changes.
The overhaul of the business rates system includes a new multiplier of 46.7p and rates business based on 2015 property value. Retailers in London are expected to be hit the hardest with an increased tax bill of 11%.
Conversely, retailers in the North are likely to see their rates decrease with the north west estimated to drop 11%.
Businesses that face any rise will be capped at 5% in the first year for small properties, with a dedicate system of transitional relief worth £3.4bn to help business owners adjust to the new bills.
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