In the last couple of weeks,. business rates have been in the news a lot. Now, a recent report from Colliers on the current revaluation exercise points out the likely winners and losers, with, no surprise here, London and the South-East being where most are concentrated. This change to the tax base is likely to have a big effect in areas where margins are thin.
“The 2017 rating revaluation will produce the largest changes to business rates for High Street retailers in a generation. We now understand that the bulk of assessments have been made and local councils are very nervous about widespread reductions in business rates revenue. “Our message is clear: retailers need to start planning for these changes. Retailers in London and the South East will, in some cases, face significant rate rises. Budgeting to allow for this should be addressed now and we hope that our data serves as a wake-up call a clear 12 months before the government publishes the final details. For retailers who are considering closing unprofitable shops in the North and the Midlands, this report should be good news with likely rates’ cuts only round the corner.