Retailers Put Under Pressure By

Business Rates Increase

 

Local shops are disappointed that the business rates multiplier will increase to 47.1 pence in 2014-15 because the Government neglected to review the formula by which it is set.

The business rates multiplier is based on the previous year’s September retail price index (RPI) of 4.6 per cent. There have been calls from across the business community to measure the multiplier according to the Consumer Price Index (CPI), which is used to calculate pensions.

Due to the higher inflation rate in September local shops will suffer nearly a 3 per cent increase in the multiplier. The Government has failed to meet their inflation target of 2 per cent set out in March Budget.

James Lowman, ACS Chief Executive said: “The Government needs to look again at the structures for setting the business rates multipliers. Local shops will already be under considerable pressure managing the VAT increase in the New Year.”

“There is a strong argument for the use of CPI to calculate multiplier increases, it has already been applied by the Government as an economic indicator and rate payers should not be excluded from this.”

 

 

If you think your turnover has significantly reduced sinced 2008 then you could be inline for a reduction and also a rebate so Call us TODAY - We can Help....

 

 


 

Contact