Business rate relief schemes may be one way to help companies

Tuesday, March 09, 2010

One chamber of commerce official has suggested that small companies need business rate support during the economic downturn.

By Ashley Brunskill

Business rates are a problem for small companies that are struggling with the economic downturn, it has been said.

Speaking to the Halifax Evening Courier, Steven Leigh, head of policy at Mid-Yorkshire Chamber of Commerce, said it would be positive if business rate support was given to smaller firms.

Business rates relief schemes were suggested as one possible way to do this.

However, while the government allowed payment to be deferred by six months, business rates were increased.

"The one thing that stays constant is the rate dispute," Mr Leigh told the publication.

Business rates are assessed by the Valuation Office Agency and are revaluated in England and Wales every five years.

Changes to business rates are supposed to reflect alterations in the rental market.

Some companies have said that the last assessment was carried out just before the property dip and therefore do not accurately reflect the current economic situation.

Source: ask-re The Property People LLP