Business rates will be revaluated sooner rather than later.
Chancellor Philip Hammond made the announcement during his first Spring Statement on March 13, 2018.
The next revaluation of business rates will be moved forward by one year from 2022 to 2021.
“This is good news for business owners who have been hit hard by the high level of business rates,” said Peter Way-Rider, tax manager at Ellis & Co.
“Business rates have made a huge jump, as much as 15% since the last revaluation in 2015.
“Those in the retail and catering/hospitality sector are struggling most with the increases, even high street giants Prezzo, Café Rouge and Bella Italia are feeling the pinch.”
Revaluations will also now take place three yearly rather than five yearly, meaning that there will now be reviews in 2021 and 2024.
For further information on this, or any other tax matter contact Ellis & Co on 01244 343504.