Business rate concerns for independent Canterbury traders

Wednesday, March 24, 2010

Independent traders in Canterbury are worried they will not be able to keep up with business rates.

By Ashley Brunskill

Independent traders are concerned that high business rates in Canterbury could force them to close, a new report has said.

Business rates and commercial property rents are in the spotlight in the city, yourcanterbury.co.uk revealed.

It comes after the owner of one firm, Coffee and Corks in Palace Street, had to subsidise her company because of high rents.

There is a high turnover of businesses in premises and at least four empty shops can be found on the same street, the website said.

Sophie Greener, owner of the Armoire dress shop on Palace Street, said some businesses find it "really hard to keep on going" because of issues such as high rates.

The Valuation Office Agency, which is responsible for setting business rates, recently urged companies to check their rateable values and make sure all the details are correct.

New rateable values are based on the rental values of all non-domestic property as of April 1st 2008 - a period which many firms claim does not reflect the subsequent economic downturn and therefore business rates should be lower.

Source: ask-re The Property People LLP