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Greeting Card Association expresses concern on new evidence Royal Mail prioritising parcel deliveries over letters.

6 Mar 2024

The Greeting Card Association has reacted to a BBC Panorama programme lifting the lid on Royal Mail management prioritising parcel delivery over letters, which it says are in contradiction of... Read more…

Kate Bush named as Record Store Day ambassador.

4 Mar 2024

Pop star Kate Bush has been announced as an ambassador for this year's Record Store Day, on 20 April.
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Shortlist for Independent Bookshop of the Year 2024 revealed.

4 Mar 2024

The British Book Awards has announced its shortlist for Independent Bookshop of the Year. 
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Local Bike Shop Day 2024 confirmed for Saturday May 4th.

4 Mar 2024

The ACT is happy to confirm the date for Local Bike Shop Day 2024 as Saturday 4 May, the weekend of the early May Bank Holiday.
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New research reveals the best cities in the UK for independent retailers.

4 Mar 2024

Research by global fintech company SumUp has revealed the best cities in the UK for independent businesses.
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Rising costs continue to impact hair and beauty sector

21 Feb 2024

The latest quarterly State of the Industry survey from the National Hair & Beauty Federation (NHBF) shows that the recovery of the sector was slow and steady through 2023 and into January... Read more…

UK votes for its favourite pun-based shop name

21 Feb 2024

The UK has voted for its favourite pun-based shop name, and 'Sew It Seams' - a clothing alteration store in Belfast - has been awarded the top spot. 
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Town centre shops praise council for initiatives

21 Feb 2024

Businesses in the Devon town of Ottery St Mary have praised their local council for initiatives designed to help support them and boost trade.
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Three UK indie coffee shops named among the most popular in the world.

19 Feb 2024

A new ranking of the most popular independent coffee shops in the world has put three UK cafes in the top 10.
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Age-friendly businesses could revitalise Britain's high streets.

19 Feb 2024

Older people could be the financial shot in the arm needed for Britain’s high street, according to research commissioned by the University of Stirling. 
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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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