Business Rates Review – an unexpected bombshell for Purley businesses!
You may have heard about the much publicised business rates review, which takes effect from 1st of April this year, but do you understand how it affects your business?
‘Business rates are a tax on occupation payable by almost every occupier of non-domestic property. They are usually the third highest cost for many businesses, behind staff and rent, but are often not given the attention they merit'.
The review was supposed to update rateable values to reflect the market as at 1st April 2015, which in theory, should ensure that all businesses get a fair deal. But are Purley businesses getting a fair deal? With an average increase of 47%, did you know that some businesses in Purley face a much bigger increase than retail businesses in Regent’s Street in the West End?
London is the only region to experience a net increase in business rate bills. The Government estimates that the average rise for all commercial property types in Croydon is 7% but this pales when compared with the Purley average increase of 47%.
Purley BID has launched a campaign against this unreasonable increase, however the team will not be able to make a significant influence without accurate information from Purley businesses on the increases, if any, between 2005 - 2010.
Cllr Mark Watson, Cabinet Member for Jobs and Economy, has also raised a major concern around the business rates review and the impact it will have on the small business community in the Borough: ‘I believe that many Croydon businesses will struggle to meet the increased bills and this will have a significant impact on our growth as a borough. The risk is that such an increase will slow investment, job creation and profitability for businesses at a time when confidence and stability are needed more than ever’.
Please sign the petition: https://petition.parliament.uk/petitions/175433
And help us to stop this unreasonable increase in business rates by contacting Purley BID today; with your help, we will appeal directly to the Government:
Simon Cripps email@example.com