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Businesses in Bromley face whopping £76 million rates rise

PUBLISHED: 11:59 17 November 2016 | UPDATED: 15:37 18 November 2016

Business rates are set to rise next year

Business rates are set to rise next year

Apiruk

Firms are being encouraged to make preparations for the changes

Businesses in Bromley are set to face a whopping £76 million increase in rates bills following changes to the government’s rating list.

The government has adjusted the rateable values of every business property in England and Wales to reflect changes in the property market, with the new values used to determine the amount of tax paid next April.

Detailed analysis carried out by rent and rates specialists CVS reveals total rateable values in Bromley have increased by nearly £36 million since the last valuation in 2010.

Some 7,274 firms in the borough have a combined rateable value of £247 million, meaning they face an increased tax bill of £76,442,389 in total over the next five years.

CVS chief executive Mark Rigby said: “There’s no doubt that the new rating list isn’t the best bit of news for businesses in Bromley.

“The previous business rates assessments took effect just as the financial crisis turned the property market on its head. That meant that over the last seven years, businesses here have effectively been paying less than what they perhaps should have been.

“London is bearing the brunt of the recent revaluation.

“Businesses in Bromley have just six months to prepare for this astronomical extra burden, so it is essential that they consider a thorough check of their new tax assessment as there may well be scope for an appeal.”

Are you a local business owner worried about the rates rise? How will this affect your firm? Get in touch at simon.allin@archant.co.uk

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