Business rates still impacting upon companies

Tuesday, February 09, 2010

Companies still struggling with business rates, it has been suggested.

By Ashley Brunskill

The recession has officially ended in the UK but the ongoing effects seem to be impacting upon some companies.

Business rates have proven to be a particular issue of contention around the UK in recent months, with some offices and shops unable to afford the costs necessary to remain trading.

Traders in Chingford Mount Road have been particularly hit by the changes and seen closures, reports This Is Local London.

Kam Mandalin, part-owner of Costcutter, said: "There are too many shops within a small space that are doing the same thing and that means you have to become very competitive."

He added that rates only used to go up if a businesses retail space expanded but now it seems it goes up each year.

However, the Waltham Forest Business Board, which has already set up successful forums for business in other areas, now plans to help those working in the area the chance to lobby the local authority over issues such as business rates.

More than 80 per cent of London's businesses will not be faced with business rate hikes to pay for Crossrail, it has recently been announced.

Source: ask-re The Property People LLP