Inflation and business rates to deliver £6.8bn hit to small businesses

Monday 27 February 2017 12:18 pm Fourteen per cent of small and medium businesses – a proportion representing £252bn in turnover – expect revenues to drop.Read more: Alarm bells sound over rising costs and inflation Business rates have been re-evaluated for the first time in seven years, and are sky-rocketing for many firms, especially in the capital. The rise in commercial property taxes comes in on 1 April, with the average shop contending with an 8.4 per cent hike in rates.In London, some businesses are facing rate rises of 45 per cent or more.Read more: What next for inflation? Share whatsapp Over a third of the UK’s 5.4m small and medium sized companies said rising business costs are one of the top three risks to their business. Research by the Federation of Small Businesses has found that one in five might close down, or sell their business, due to business rate rises.BREAKING: New research from @fsb_policy – “Business rates shock to small business growth prospects”https://t.co/fUYwWNiBiq pic.twitter.com/tcAouK02No— FSB (@fsb_policy) February 27, 2017RSA’s Russell White said: Inflation and business rates to deliver £6.8bn hit to small businesses Inflation and business rate rises could deliver a £6.8bn hit to small and medium-sized businesses this year.The rising costs are leading more than half (57 per cent) of these firms to predict their revenues will not grow this year, according to a report from insurance group RSA. whatsapp The business environment is expected to become much harsher in the coming year, and it’s crucial that businesses plan ahead to ensure that they are prepared. The government also has a role to play by considering ways through which it can mitigate the negative effects that increasing business costs could have on the economy. Helen Cahill More From Our Partners Killer drone ‘hunted down a human target’ without being told tonypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgWhy people are finding dryer sheets in their mailboxesnypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.org‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.org

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