Commercial landlords have been crying out for changes to the archaic Business Rates system that UK businesses are currently burdened with. The government has answered these calls, but are the proposed changes offering a solution or further encumbrance?
Many business owners have been struggling under the current Business Rates system for many years, which has only intensified since the arrival of COVID-19. With 1 in 7 stores now empty, and Business Rates holidays coming to an end, our high streets are being abandoned.
The Government has since unveiled its proposed changes to the rating system in a bid to soothe the cries for help. However, many experts argue that the solutions proposed will only make it harder and more expensive for business owners to appeal their rates.
The changes will shift more of the work onto the ratepayers rather than the Valuation Office Agency (VOA). The ratepayers would have to notify the VOA of any changes to a property and provide a wide range of documentation before even submitting an appeal. It is believed that more fees would be enforced, placing even more of a financial strain on business owners.
All the blame cannot be misplaced onto the VOA for the proposed changes. Rather, it is on the government to provide them with more resources to help them manage the mountain of work they face to make the system work better for everyone.
Business owners now have until 24th August to make their representations as part of the consultation process.
Are you struggling with the burden of the current Business Rates system? Contact FCS today to start saving your time and money.