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A fifth of Brits prefer using mobile phones to make payments in shops.

8 Aug 2023

One in five UK consumers (20%) prefer using mobile payment services such as Apple Pay over cash (17%) or chip & PIN card payments (10%) for in-store purchases, a new survey has reported.
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New Consumer Duty comes into force

1 Aug 2023

In what the Financial Conduct Authority has described as “a step change in standards of consumer protection” new Consumer Duty regulations have come into force for all products and... Read more…

US audiobook platform Libro.fm launches to indie bookshops in UK

1 Aug 2023

Independent bookshops in the UK can now sell audio books through Libro.fm. Launching in the last couple of weeks in the UK, the digital audio book platform, which already partners with... Read more…

From Cash to Contactless – IRC Leads Study on Payment Trends in Retail

31 Jul 2023

The Independent Retailers Confederation (IRC) will be working with key financial institutions within the UK to gauge the shift in retail payments.
 
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Retailers call for CCTV grants as shoplifting rises 24% year on year

31 Jul 2023

Independent retailers are calling on the government to offer security grants so that stores can be better equipped to deal with shoplifting, which has risen by a quarter in England and Wales in... Read more…

Indie retail finalists named in the 2023 Speciality & Fine Food Fair Awards

31 Jul 2023

The shortlist has been announced for the 2023 Speciality & Fine Food Fair Awards, which celebrate innovative products and inspiring independent retailers in the world of artisan food and... Read more…

ActSmart partner Tyl by NatWest leads the charge with new Tap to Pay

19 Jul 2023

Apple has announced that Tap to Pay on iPhone has now rolled out to the UK, enabling small businesses to accept Apple Pay and contactless card payments using nothing more than their... Read more…

Union launches blueprint to save the future of retail sector

19 Jul 2023

Shopworkers’ union Usdaw has launched a blueprint to secure the future of the retail sector, which includes calling for the levelling of business taxation between online and in-store... Read more…

Your views are needed on the 2023 State of the Workforce Survey

19 Jul 2023

Bira is supporting and urging retailers to participate in the 2023 State of the Workforce Survey, which is being run by People 1st International, part of The Workforce... Read more…

Jewellery sector’s Inspiring Independents 2023 - the top 100 independent jewellery and watch retailers - recognised by the industry

18 Jul 2023

Industry magazine Retail Jeweller’s list of Inspiring Independents 2023 - the top 100 independent jewellery and watch retailers from across the UK and Ireland, as voted... 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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