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Taylor Bracewell - BUSINESS RATES PUT PRESSURE ON COMPANIES



The pressure facing business is set to increase with a £350m tax bill next year.  This is because the Government uses the inflation figure for September to set the business rates for the following year, a practice pundits say will continue this time around. 

The problem is that this year’s September inflation figure was 5.6pc, which is out of line with economic performance generally, so the business rates will be disproportionate to the probable trading conditions next March.  Experts predict that the tax hike will be another knock for the economic recovery and as business rates are one of the largest overheads of a small business, the effects will, say those in the know, cost jobs.

As inflation is expected to fall next year, the rate is disproportionate and the Government is being called on to freeze the rates in a similar way to the Council Tax freeze.  Unfortunately it appears to be taking a robust stance to reduce the fiscal deficit.

We will try to keep you informed of developments so please watch this space.

For further advice and information about any commercial property issue, please contact commercial property solicitor Paul Hawkes on 01302 341414 or email paul@taylorbracewell.co.uk

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