With the recent news of business rates continuing to rise, the Chancellor Phillip Hammond has said he will listen to concerns, but was not committing to a change in policy anytime soon.
Business rates are a tax charge on properties, for example, shops, warehouses and factories, and is generally worked out at how rateable a business property is, essentially the higher the rent the higher the business rates, which usually equates to about half the total rent paid on a property.
As rates are usually reviewed every 5 years, this is the first time in seven years that they have been reviewed which means its disruption is much greater, with rates set to rise. ‘Queen of Shops’ Mary Portas has already warned that rates could be increased by up to 300% and will kill off hundreds of independent retailers and has even called for Theresa May to scrap the scheme…
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