During February 2017 the Government, through the Valuation Office Agency undertook the revaluation of business rates that had been delayed since 2008. This revaluation has seen a mixed bag of increases, decreases, inconsistency between the rates to be paid by large out of town businesses and small town centre businesses. Business rates are an unfair tax based not on the performance or profitability of a business, nor their ability to pay, but an outdated and unjust system that is not fit for purpose. FSB continues to lobby hard for reform of this business tax.
For business most affected by the revaluation help is at hand, however. A fund of £350 million is available through local authorities is available to assist businesses in reducing their business rates bills for the next 3 years, and for those businesses that have seen their rateable value rise above the threshold for Small Business Rate Relief an undertaking not to increase those bills more than £600 per year has been taken by Government. However, any reliefs are not granted automatically so if you think that you qualify for any relief then you must contact your local council and apply directly to them for this.