As of April 2017, there was a major revaluation by the Government, seeing some bills go up and others go down. They estimated that 510,000 businesses were going to see an increase in their business rates.
Due to the rise in business rates for a lot of businesses, the Federation of Small Businesses has warned that its members may struggle; however, it’s not just small businesses being affected. Big companies such as Maplin and New Look have acknowledged problems arising as a result of the increases, and the boss of Travelodge has warned that the rise in business rates is putting hospitality jobs at risk.
Altus Group have estimated that councils in England and Wales have instructed bailiffs on close to 41,000 businesses, with the authority to seize goods from premises to sell at public auction to settle debts due to unpaid business rates bills.
Companies in London and the South East saw the biggest increases, with London now paying 33.1 per cent of the country’s total business rates bill according to the Federation of Small Businesses. The London boroughs of Hounslow and Lewisham saw one in eleven premises where bailiffs were assigned for debt collection. Many business owners fear having to closing down or having to move, out of fear of being unable to afford their current premises.