By CEO Diana Sterck
As the campaigning for a review of the proposed increase in business rates gathers pace, Merton Chamber of Commerce is supporting the business voice to ask that the Chancellor of the Exchequer reviews these proposals in his forthcoming Budget.
In Merton we are advised that the average increase will be 7% – this figure is much lower than some other boroughs in London, where the increases could be as much as 40%. There is transitional relief in place to assist businesses with any proposed increases and also, for small businesses, a doubling of the small business rate relief from £6000 to £12000.
We are advising all businesses to look on the Council’s web site www.merton.gov.uk – business rates, where some of this information is set out. In addition all businesses can look at the proposed changes for their properties by going onto www.gov.uk – business rates and revaluations – and you can appeal against the valuation as well.
Overall, the Government will not be collecting any additional revenue through business rates in the year ahead – the revaluation is more of a balancing act linked to the rateable values of properties – and obviously London has seen high increases in the value of properties over the past 5-7 years.
“We urge businesses to assess what their new business rates will be and to take action regarding transitional relief and appeals. We hope the campaigning being done by business representatives such as ourselves will influence the Chancellor of the Exchequer to review these proposals in order to support businesses and economic growth.”