How are business rates changing and will it affect you?

Tens of thousands of smaller businesses are likely to be hit by higher business rates following the revaluation of the rateable values of their premises. The change – which has sparked howls of protest among business organisations – is likely to see much higher business rates for those based in parts of the South East and London where property prices have risen strongly in recent years. On the flip side, businesses based in other parts of the country where property price rises have not kept pace with those in London are likely to see cuts in business rates. What are business rates and how are they calculated? Every business – apart from those which operate from so-called ‘home offices’ – have to pay business rates on the premises that they use including shops, warehouses and factories. The rate that a business pays is worked out according to the value of the premises as well as the value of any equipment that a business uses there plus the economic sector the business ope
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