Business rates negatively impact demand for shops

The latest survey from the British Retail Consortium (BRC) has shown that the number of empty shops in Britain has reached a two year high, with vacancy rates increasing to 10.1% in the quarter to July, up from 9.6% in April. According to the Chief Executive of the BRC, Helen Dickinson, the increasing number of empty shops is an indication of the heavy burden of property costs. “If property costs in general, and business rates in particular, continue ever upwards, we should all be concerned about the impact on our local communities,” Helen said, whilst also warning that British property taxes, which are higher than anywhere else in the developed world, act as a disincentive to “operate physical space”.

At Beavis Morgan, we work with a number of retail businesses and we act for all types of property professionals, from solicitors and property managers, through to architects and building project managers. We also work with a broad range of property investors and developers who actively need advice on how to best structure their property deals, both to ring-fence and protect their property assets, as well as to minimise the tax arising from their business operations.

For further information about how we can help you and your business, contact Steve Govey or your usual Beavis Morgan Partner.