CABLE SUGGESTS BUSINESS RATES REVIEW ONGOING

Business Secretary Vince Cable has revealed that the government is in discussion regarding an overhaul of business rates.

Speaking at a Lib Dem conference event, he said that the talks had not progressed as quickly as hoped, but that details could be released as part of Chancellor George Osborne’s Autumn Statement on December 3rd.

Chief Secretary to the Treasury Danny Alexander added that the plans would help address an area “that may have been suitable quite a few decades ago, but where other issues have arisen since”.

At a separate Lib Dem conference event organised by The Guardian, the current business rate system was branded “no longer fit for purpose” by business leaders.

One of the key comments arising from that debate was that the high cost of UK business rates is making the country a less favourable proposition when compared with other locations offering lower rates, such as Germany and the Netherlands.

Mike Spicer, director of research at the British Chamber of Commerce, added that UK business rates were the only tax system in which a fiscal target is set before money is collected to try and meet that target. He suggested that this should be reversed, and that tax obligations should be clearly outlined before any money is collected.

LOOK AFTER YOUR BUSINESS RATES WITH FIDUCIA

At Fiducia, we primarily assist with instances of businesses being forced to pay high amounts on empty properties. Whether or not the planned government reforms address this key area remains to be seen, but whatever the outcome our experts will continue to offer guidance that will help you mitigate these amounts.

Our aim is to help businesses get themselves in a position where they can expand and flourish, without having to worry about business rates hampering their growth.

If you think your business could benefit from our services, call us today on 01625 599 200 to discuss your situation.