Business owners and tenants have been facing increasing concerns about business rates in the past year, after the 2023 rating list came into effect in April. This caused many rateable values to increase significantly.
In response, the government has implemented a range of support packages and interim reliefs, such as expanded Retail, Hospitality, and Leisure (RHL) relief of up to 75% of a property’s business rates liability. However, this relief is set to expire on 31st March 2024.
David Waldron, lead surveyor at RVA Surveyors, has commented on the situation: “Changes in reliefs for the 2023 rating list have been welcomed by the majority. But there are tens of thousands, if not hundreds of thousands, of businesses missing out on the support available. These reliefs could increase, decrease, or disappear altogether.”
Anthony Hughes, Managing Director of RVA Surveyors, has added: “Hundreds of thousands of rates payers who receive these interim reliefs, are not aware of the ever-looming end dates and could be met with a very nasty surprise when they are removed.”
Although the reliefs have provided much-needed respite for businesses, David Waldron has noted that they have caused a wave of increased apathy in business rates payers, making it difficult for them to budget for the future.
RHL is set to end on 31st March 2024, and there is yet to be an announcement of a replacement relief to prevent business rates payers having to pay 100% of their liability from April 2024.
The situation has created much uncertainty for businesses, as rateable values have risen astronomically across all sectors this year.
Business owners and tenants must remain aware of the ever-changing reliefs and the expiration dates of those currently in place, in order to avoid any unexpected surprises.
Distributed by https://pressat.co.uk/
The post Are Property Owners Becoming Too Apathetic Due to Business Rates? first appeared on BusinessMole.
