Inflation reaches record levels sparking fears of business rates hike

RPI increased from 5.2% in September sparking fears of a spike in the tax if the Government continues to use September's RPI rate to set the rates multiplier. If the increase goes ahead businesses will face the biggest increase in rates in over 20 years.

The Uniform Business Rate will rocket from 43.3p to 45.7p per £1 of rateable value. London firms will face rates nearing 50p in the £1 for the first time as a result of the additional 2p rate levied to help pay for Crossrail.

The increase will affect all businesses as well as owners of empty premises. Being prepared for the increase will help with the burden, dohertybaines can provide free budgets for your business rates liabilities and advise on ways of mitigating this tax.

Please contact Fiona Kelly to discuss your liability further.