The recent revaluation at the beginning of April this year meant over half a million firms had to start paying higher business rates. However, what is not known is the Government’s new £300 million business relief scheme, which many firms could benefit from.
It’s the first time since 2010 that business rates have changed due to missing the 2015 revaluation.
With over 50 per cent increase in their non domestic rates and only a small number of days before their first monthly installment, the revaluation has caused concerns for some businesses, especially those in the South East and London where it had the biggest impact.
Estimates released by the Government shows around 500,000 businesses will face an increase, 920,000 will see a decrease, while 420,000 unaffected.
Despite the news, the Chancellor announced extra support for those facing the biggest rates increase in February. Moreover, the vast majority of pub businesses were offered £1,000 reduction on their 2017 rates and £300 million fund for the most negatively affected businesses.
However, these have not started running and businesses are uncertain whether they will be eligible for the scheme. Furthermore, the scheme may not begin operating until the summer, which creates an even bigger concern.
London’s West End Commercial Property Hit Record High