Business rates are on the rise and particularly in central London where in some cases they are being increased by up to 45%. This will result in a large increase to outgoings.
Sections 29 to 30 of the Growth and Infrastructure Act 2013 (which amended section 41 of the Local Government Finance Act 1988) postponed the revaluation of the local rating lists in England from 1 April 2015 to 1 April 2017. The Government has announced that from 1 April 2017 business rates will be based on 2015 rental figures rather than the pre-recession values of 2008. Your business rate bill for the financial year 2017-18 will be based on the new valuations.
Given the potentially substantial increase in expenditure to your business now is the time to find out what you will be required to pay. BWB can assist you with this.
Being forewarned is forearmed and hence you should also review the terms of your occupation – if the new business rates are too high there may be an opportunity to move, share occupation or talk to your landlord about the level of rent payable, all of which could assist in making your future occupation cost effective.
If you would like us to review your lease arrangements to determine your options or have a general discussion about your property needs please contact the Real Estate team.
Posted on 06/12/2016 in Legal UpdatesBack to Knowledge