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Thursday, 22 March 2012

Budget Fails to Disperse Looming Business Rates Clouds

Although Budget 2012 is in some quarters being hailed as good for business, it has done nothing to dispel worries about the looming April rise in business rates.

All the petitions circulating on this issue appear, for the time being at least, to have been ignored.

The Chancellor has also ignored calls from small businesses, landlords and his own backbenchers and a campaign supported by the British Property Federation to reduce the burden of empty rates.

The periods of relief available before rates become payable on empty properties are relatively short (3 months for most commercial premises), then they become taxed at the same rate as occupied ones.

Rates are a huge burden for small businesses and empty rates hit landlords hard.

The Portas Review looked at rates so something might still happen, but I can’t help thinking if any give-away had been planned the Chancellor would have trumpeted it yesterday.

This will be seen as a missed opportunity to help small businesses and stimulate growth.

A budget that's kinder to millionnaires than milliners.

Mind you, things could have been a lot worse for commercial property - it dodged the bullet on Stamp Duty.

1 comment:

  1. Whenever there's a rise in business rates, it's best to get business consulting companies' services in order to have a better view on what action should be taken next. This will prevent undesirable results from happening.