Bailiffs visited 81,000 companies struggling with new business rates last year.
An investigation found that bailiffs were sent to 222 premises across England every day in 2017-18 because of business rate arrears. The findings also show that 6.53 per cent of firms liable for rates – nearly one in every 15 commercial properties with a bill – faced having their goods seized, up from 6 per cent the year before.
With these alarming figures in mind, it is essential that business owners look at ways of improving profitability, working capital and cashflow, enabling their businesses to be more agile and flexible to respond positively to the changing economic landscape.
At Beavis Morgan, we work with a wide range of businesses of all sizes and across many different business sectors, helping them with strategic planning, system implementation, business turnaround and improving business performance for the future.
Our diverse team of tax professionals are also committed to ensuring that your tax reporting obligations are fully satisfied and that every opportunity to lawfully exploit tax savings is made known to you, restructuring your affairs in a tax effective and efficient way.
Through our network of surveyors with whom we work, we are also able to introduce you to the right person who, using their knowledge and expertise in this often complex area, will review your business rates assessments and, in some cases, negotiate with the Valuation Office Agency to reduce and settle your rateable value on your behalf.
For further information about how we can help you and your business, contact Steve Govey or your usual Beavis Morgan Partner.
In turn, if you have any concerns about your personal financial situation or that of your business, our partners at BM Advisory are available to assist. As specialists in providing restructuring, recovery and insolvency solutions for businesses and individuals, we understand the issues that can impact on business performance and success, and find innovative solutions for businesses and individuals in distress.
To arrange a confidential discussion, contact Andy Pear or Mike Solomons at BM Advisory. Your initial consultation will be free of charge and without obligation. Together we will discuss your individual situation and advise on the best course of action.