Small firms fear rising rates bills

Small business owners fear that they will be forced to pay inflated rates bills for five years, according to a survey conducted by the Forum of Private Business (FPB).

Just fewer than 80% of respondents said that they think their business rates will increase when changes take place in April 2010.

Business properties are revalued every five years to ensure that rateable values reflect the changes in the property market. However, because the present revaluation is based on rent prices from April 2008 – before the recession – small businesses are concerned that their rates bills will be unfairly high.

“Small businesses are already under a great deal of pressure to pay their business rate bills and most do not see the corresponding value in local authority services. It is extremely important that the government provides an appropriate and fair system of transitional rate relief for small businesses who will see an increase in their rateable value from 2010,” said Matt Goodman of the FPB.

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