Business rates bills could rise by £662 MILLION next year as Chancellor urged to make history

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Here is an important update from MIA Business Rates partner, Altus Group, who are the biggest team of experts in the UK and have saved many of our members THOUSANDS of pounds from their rates bills…

Next month could be pivotal for businesses the length and breadth of the country as the Consumer Prices Index (CPI) measure of inflation determines business rate rises in England with the Uniform Business Rate (UBR – pence in the pound) updated annually for inflation.

The September CPI figure, released in mid-October, is the one that is used for the purpose of annual rate rises for the following financial year. Gross business rates bills next year for 2020/21 would increase by £662.15 million overall in England if the headline rate of inflation remained unchanged at 2.1% in line with forecasts.

Robert Hayton, Head of Business Rates at Altus Group, urged Chancellor Sajid Javid to be both “bold” and “pro-business” when he delivers the Budget “With major retail and hospitality businesses reducing their estates and headcount often citing high level of rates as a contributory factor, I urge the Chancellor to take the bold and ambitious step of being the first Chancellor to freeze the multiplier since the national business rates system was introduced in 1990. It would be a positive message to business from the Johnson administration and a real statement of intent post-Brexit.”

Business rates income has risen by £6.04 billion, up by almost a third since 2010/11, with £24.97 billion in England expected to be collected this financial year.

To discuss your business rates, please contact the MIA on 01403 800500 or alice@mia.org.uk and we can put you in touch with our business rates partner, Altus Group.