Business Rates Increase
Discussion
there is a website when you can search for you property and it will tell you both the current and proposed rateable value:
https://www.tax.service.gov.uk/view-my-valuation/s...
https://www.tax.service.gov.uk/view-my-valuation/s...
It is a zero sum game.
The same amount of tax is raised, with the taxable amount related to an updated assessment of rental value.
In principle, this isn't a problem, but in practice, it will be painful for London in particular.
In areas where rents have risen significantly, they should fall as a result to reflect a jump up in total occupational cost.
There is another thread running/has run on the fairness of the rates increase.
Personally I am not affected anymore. However, my old restaurant, has just come back onto the market.
Their rates just went up by around 50%.
That combined with increasing rents and energy costs is probably the tipping point for them between making it worthwhile and not in terms of earnings.
Easier to go work <40s hour week for someone else.
Personally I am not affected anymore. However, my old restaurant, has just come back onto the market.
Their rates just went up by around 50%.
That combined with increasing rents and energy costs is probably the tipping point for them between making it worthwhile and not in terms of earnings.
Easier to go work <40s hour week for someone else.
21TonyK said:
There is another thread running/has run on the fairness of the rates increase.
Any chance of a link? Tried searching via google, but no luck.I head on radio 2 that business groups want the tax reviewed because it disadvantages sellers with a physical presence. However i'm sure the dclg carried out a review of business rates less than a couple of years ago..
Transitional relief will help slow the increases initially, but will also slow the savings too (as its a zero sum mechanism).
Personally I don't think the government has the capacity to replace such a long standing tax at present, as leaving the eu is almost too big a job for Whitehall. Even this review has been cobbled together, and is 2 years late..
Nndr raises a lot of revenue, and to capture online business activity would have to move to either sales or profit. Potentially the entire VOA apparatus would then become surplus to requirements, though I think they do council tax stuff as well.
Ian
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