As many as 71% of SMEs wish for a better business rates system that would involve a simpler method and more flexibility.
The survey, compiled by Close Brothers Asset Finance, found that 49% of Britain’s smaller sized firms think the government could do more to help them claim business rate relief, and 9 per cent are worried about the fact that their rates have risen significantly over the last two years.
Neil Davies, CEO, Close Brothers Asset Finance, commented on the findings, “According to the latest advice, business rates are worked out based on a property’s ‘rateable value’, which is its open market rental value, which is in turn based on an estimate by the Valuation Office Agency.
“Rates can be estimated by multiplying the rateable value by the correct ‘multiplier’, an amount set by central government.”
He added, “Our study has found that it’s a nuanced picture out there, and what I mean by that is that the call for clarity is not driven by cost concerns. 51% of those polled feel that the rates they pay are ‘just right’ against 32% who feel they are ‘too expensive’, which is consistent across regions, industries and business size.
“In addition, more businesses (44%) feel they are getting value for money compared to those who feel they are not (39%).”
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