May 19th, 2017.

April 2017 brought with it a new challenge for UK businesses, as the two-year delay on the rise in business rates – based upon the revaluation of the value of business property – finally hit. With commercial property prices rising exponentially over the past few years, some areas are facing rate increases of 100 percent.

We know anecdotally that rate rises are a concern for SMEs, many of whom already operate tight profit margins. A sudden increase in overheads is the last thing they need and the consequences could be far-reaching. For some, careful financial management will be needed to weather this storm.

One of the key elements of the debate is the ‘fairness’ of the changes. It seems to many that the changes favour large businesses that have giant warehouses located out of town; many of these have seen a cut in their bills while smaller businesses that trade in town centres have been hit with large rises that they can ill afford.

In his Budget, Chancellor Philip Hammond announced three measures that offered some welcome relief to business owners in various sectors. 

For the full story at smallbusiness.co.uk CLICK HERE.