45% Rise in Business Rates for Islington. The ICoC & Islington Council’s plans to help you.
The government has decided that the business rates will be ‘revalued’ this 2017. Business rates are very likely to increase causing small businesses to struggle.
It is no surprise that the government have decided to raise business rates since we’ve already faced the shocking outcome of Brexit. As the British economy is slowly attempting to move into recovery, small businesses as well as large corporations are having to pay the price with an increase in rates of up to 87%.
With 6 months until the revaluation takes place, we have decided to take action. Islington Chamber of Commerce are working closely together with the Islington Council to save our business community from falling under.
Our Vice Chair, Hak Huseyin says, “Most businesses are just about keeping their head above the water as it is. It’s as if the government is saying we don’t care if you are open or not.”
Even shops on Regent Street in London are to face an 87% increase in their business rates bill next year, so what does this mean for us?
The government’s plan for Islington is to raise business rates by an astounding 45%.
“It will cripple us” – Hak Huseyin.
“I don’t care if you’re an independent or a national company, it’s 45 per cent. My rates are £11,000 so I’ve got to find another £5,000. Will I have to lose staff or put the prices up?“
The government website has stated that they are offering opportunities for some small business to have a reduction in their rates. There are also options for rates relief for charities. Other options include rural rates relief and enterprise zone relief.
The Valuation Office Agency (VOA), an Executive Agency of HMRC, is responsible for assessing all rateable values across England and Wales.
Even though this may sound come across as a silver lining, the information on the website is as clear as mud. There’s no significant advice being given on eligibility. To apply for Business Rates Relief, we are told to contact our local council.
Which brings us to the present day.
As we have been working closely with Islington Council, we have two pieces of news to share with you.
The good news is that over the next few months, we are offering free workshops and advice on how companies like yours, can check their rateable value is correct, and how they can manage business rates payments.
The great news is that we will NOT stop there. We will strive to push this campaign to be London-wide. Executive Member for Economic Development -Councillor Asima Shaikh says, “We will encourage national government to make sure business rates are set fairly for small businesses in our city.”
We need to make sure that we achieve our goal before the Business Rates Revaluation is put into action in March 2017. Brexit, pension payments (April 2017), rising rents and now this…. our high street is under serious threat of extinction.
If you are a business owner, whether or not you are located within Islington, this affects you. Our wonderful, vibrant Islington community is at risk of paying 45% more than we should be. Lets create a movement together to let our government know that this is simply too much.
We know that we can count on you.