Uncertainty for businesses as rates rises come into effect

Business rates rises* came into effect on the weekend, impacting half a million companies including restaurants, high street shops and businesses in the South East and London which are amongst the worst affected by the revaluation.

Some companies may see a 50 per cent in business tax and will have just 14 days to pay their first monthly instalment.

Even before the business rates rises came into force on the weekend, around 70,000 firms were already facing "significant" financial stress. According to a recent report, the number of firms experiencing money woes has jumped 8 per cent since the fourth quarter of 2016, rising from 64,764 to 69,785.

If you are concerned about your finances, our experts at our partner business BM Advisory can help. Whatever your situation, the sooner you contact us the better your options will be. Your initial consultation is free of charge, and you can rest assured that it will be in total confidence.

To find out more or to discuss your specific circumstances, please contact Andy Pear or Mike Solomons or get in touch with your usual Beavis Morgan Partner.

* To coincide with the business rates rises, the Federation of Small Businesses has updated their guidance on what this means for small businesses in England. The new note provides information on reliefs available, how to appeal your rates and guidance on choosing a ratings surveyor. The new guidance can be found here.