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Asics reported to have halted supplies to UK independent sports shops.

4 Jul 2023

The Guardian has reported independent sports retailers saying their businesses are under threat after Asics said it was cutting off supply to hundreds of small UK outlets, joining Nike and... Read more…

Half of young European consumers find it acceptable to buy fakes.

4 Jul 2023

A new study on the perception of consumers towards intellectual property published by the European Union Intellectual Property Office (EUIPO) has found that although 80% of Europeans believe... Read more…

Elmy Cycles featured in Daily Express ahead of Independents’ Day weekend.

29 Jun 2023

With this Saturday and Sunday marking Independents’ Day weekend, the culmination of the annual campaign to promote independent retailers around the UK, ACT member Elmy Cycles in Ipswich... Read more…

“AI has the potential to revolutionise the way retailers operate,” says Theo Paphitis

28 Jun 2023

Former Dragon Theo Paphitis has predicted retail will be revolutionised by AI technology.
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The Association of Convenience Stores publish their Crime Report of 2023

23 Jun 2023

The report estimates that there were over 1.1m incidents of theft reported last year. The most commonly stolen items as reported by retailers are meat, alcohol and confectionery –... Read more…

How fine food retail can be part of the solution to ultra-processed food

19 Jun 2023

Scientists and researchers have compelling data, showing ultra-processed food could be responsible for several health conditions – a recent piece in Speciality Food Magazine set out to... Read more…

PayPoint launches digital shopper marketing platform

19 Jun 2023

Retailers will be able to drive customer spend, digital media use, push new product development and increase sales and distribution, claims PayPoint, following the launch of a new digital... Read more…

High streets of the future will need to think beyond retail, says new report

19 Jun 2023

Just 42% of people in the UK rate their local high street as good or very good, according to the latest Legal & General Rebuilding Britain Index.
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Stellar line-up for Independent Bookshop Week

19 Jun 2023

A stellar line-up of authors have been taking part in this week’s Independent Bookshop Week 2023 with the likes of Ann Cleeves, AJ Pearce, Danielle Brown, poet laureate Simon Armitage and... Read more…

Bira calls for level playing field as Amazon UK Services pays zero corporation tax again

8 Jun 2023

Bira, the British Independent Retailers Association, has expressed its concern and frustration after it was revealed that Amazon UK Services had, for the second consecutive year, paid zero... Read more…

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Indie retailers should start to feel the benefit of business rates drop

Posted on in Business News

Shops, pubs and other high street businesses should be tax cuts of more than 50% after new property valuations came into effect earlier this month.

rates drop

Last year, the Government announced the first revaluation process for business rates – the equivalent of council tax for UK commercial properties – in six years.

Thousands of businesses are due to pay less following drops in the value of commercial real estate, as well as increased sector support, which came into effect on April 1.

According to the commercial real estate advisory firm Altus Group, the average retail shop will see its rates bill fall by £4,494 to £3,678 for the new year, representing a 55% tax cut.

On average, pubs will see a £5,534 decline, restaurants £5,553 and accommodation businesses £4,021.
The new property valuations will be based on figures calculated from April 2021, with the taxes having most recently been based on values from 2015.

The retail sector has seen rateable values fall by 10%, pubs by 17%, restaurants by 5% and hotels, serviced apartments, and guest and boarding houses by 28% overall, according to Altus’s annual review.

As part of a £13.6 billion support package announced last autumn, the Government has also frozen the tax rates from April 1, protecting firms from rising inflation.

It also increased the retail, hospitality and leisure discount from 50% to 75% for 2023/24 up to a cash cap of £110,000 per business.

Quoted in the London Evening Standard, Alex Probyn, global president of property tax at Altus Group, said: “These tax changes will bring much-needed respite from the current high cost of doing business for high street firms.”

However, he also warned that “the freeze in tax rates and the bigger retail discount are just a one-year commitment”.

Revaluations are also coming into effect in Wales, Scotland and Northern Ireland, where business rates are devolved.

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