The Government has recently announced that it is planning to bring in new regulations to help businesses to pay their increased business rates bills. In the tough economic climate, it is hoped that these regulations will offer some support to businesses struggling with the implications of recent increases in inflation.
 Business rates are calculated by taking the rateable value of a property and multiplying it by a figure obtained from the Retail Prices Index. This has meant that the recent rises in inflation has sparked a rise in business rates.
The proposals, when published, will enable businesses to defer 60% of the increased amount of rates payable for 2009-10. The deferred amount will then be payable in the tax years 2010/11 and 2011/12 together with the rates due for those years. The regulations are expected to be made by July, following which the local Councils ('billing authorities') will be in touch with rate payers.
|
