The relentless rise in high street retail closures puts local authorities in a cleft stick: on the one hand, they suffer from loss of income from business rates when stores close, while on the other they are increasingly reliant on non-domestic rates as a source of revenue- not least since central government is forever whittling away at financial support from Westminster.
Local councils collect £25 billion annually for their coffers, and the amount they retain from business rates is set to rise, from 50% to 75%, in 2021. These sums are clearly not to be sniffed at.
So what should businesses do, in this fraught climate?
Commercial Property Advisors (CPA) recommends an early reassessment of the basis on which a firm's rates are calculated.
CPA's specialist team undertakes a worry-free, comprehensive and detailed submission to the VOA, including detailed surveys where necessary. CPA's 80% success rate in appealing rates bills has won thousands for businesses, together with a less unrealistic re-appraised rates base for the future.
CPA counsels against simply waiting for rates reform from government, and offers its no-obligation service as a means of reducing costs at this most challenging of trading times.