October 21st, 2022.
Businesses face paying an extra £3bn in business rates from April, coming on top of rising corporation tax and inflation.Indeed, the commercial property tax is due to rise in line with inflation, which the Bank of England expects to hit 13 per cent this year.
According to the
British Retail Consortium, retailers alone are set to pay an extra £800m in the tax from April, when the temporary 50 per cent relief expires.
Martin McTague, national chairman of the
Federation of Small Businesses, told the
Daily Telegraph: “The prospect of business rates going up next April by 10pc is hugely worrying, and would be devastating for thousands of small businesses.
“With relief for businesses in hospitality, retail and leisure due to end around the same time, the impact on these industries will be particularly acute.”
For the full story at smallbusiness.co.uk CLICK HERE.