The news that chancellor Philip Hammond has cut business rates by a third for premises with a rateable value of below £51,000 has been welcomed by many of the independent shops, pubs, restaurants and cafes in North Yorkshire we have spoken to, although the move appears to have done little to quell calls for comprehensive business rates reform.
Dan Brumfitt of FSS, who has supported a number of local firms with business rates revaluations over recent years, said the reduction was a “good start” but that more needed to be done to provide long term and sustained support to high street retailers.
Dan said: “This cash injection from the chancellor will free up much-needed capital for retailers to invest in other areas of their business and in doing so will undoubtedly improve the high street experience for shoppers.
“As North Yorkshire's biggest commercial property agent with more than 20 years’ ratings experience we see first hand the impact business rates have on retailers and the positive impact that we have been able to have by successfully appealing rateable values.
“What’s needed is a long term, strategic approach to the issue of business rates rather than a quick fix and I hope this will be the first of a series of measures aimed at making life easier for small business owners in towns like Harrogate, Ripon and Knaresborough,” added Dan.
FSS has its own dedicated commercial and survey departments and RICS qualified staff. We advise individuals and portfolios throughout North and West Yorkshire.
For more information on business rates and commercial property in our region contact Dan Brumfitt on 01423 501211.