In last year’s Autumn Budget, it was confirmed that business rates revaluations will take place every three years, instead of the current five.
To ensure rates better reflect the rental value of properties, the Chancellor announced in the Spring Statement that the next revaluation will be brought forward a year from 2022 to 2021.
It was also confirmed the Government will not be going ahead with a self-assessment style system for business rates, which was being considered ahead of the Autumn Budget. The announcements were widely welcomed by industry professionals and business organisations.
James Bailey, managing director of Bruton Knowles said: “The recent announcement on business rates has been welcomed by many business organisations and professionals, and it will no doubt help prevent dramatic increases in business rates bills.
“Retail and hospitality are two sectors that have been hit hard by the rise in rates bills following the 2017 revaluation. Nationally a number of well-known high street retailers have called in administrators or have sadly collapsed under the weight of spiralling costs, increased competition and changing market dynamics.
In comparison to other regions, Nottingham’s economy remains fairly stable in these sectors.”
UK business owners are expecting a hike in business rates in April and small retail business have demanded greater protection for their business.
The shorter three-year revaluation cycle should help avoid the massive hike in rates which took place in 2017 and make the impact on businesses less severe. i