Rates Hike Could Put Traders Out Of Business
February 7, 2010 8:33 PM
Shop owners on Pershore High Street are facing an average 80% to 90% increase in site valuations for business rates that will come into effect from 1st April.
They were informed of the large increases as part of a rolling review since the last valuation in 2005.
Richard Burt has condemned the rise and said it could force some traders in the town out of business.
Richard said: "The last thing traders want is a thumping increase in their business rates just as as the economy starts to creep out of recession.
On top of this, many traders will also lose out on small business rate relief because the increase in their rateable value reduces their entitlement or takes them over the threshold for relief altogether.
"This is a double whammy that many businesses in the town will struggle to survive. If owners have to take much more off the bottom line, I fear that some will decide it is no longer worth opening the front door for business.
Richard said he would write to ministers on behalf of local traders. "Government is responsible for the business rate and ministers should be doing all they can to keep town centres like Pershore vibrant. Instead, they seem set on a tax grab that could result in more empty shops and less overall revenue."
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