Businesses face property tax increases
April 7th 17:25 Cost Management
Businesses in the UK face increased operating costs as a result of rising property taxes, it has been claimed.
The British Retail Consortium (BRC) said increases in businesses rates and other operating costs could affect retailers' ability to support jobs.
According to the organisation, enterprises face an annual inflationary rise in business rates as well as the first re-evaluation of their properties in five years, which could also lead to rises.
Retailers in London will face the additional burden of paying the Business Rate Supplement, which was introduced to cover the costs of the Crossrail development.
This could lead a number of firms to seek out an effective facilities management provider in order to keep down costs.
Stephen Robertson, the BRC's director general, said: "Retailers already pay a quarter of the £24 billion in business rates in England – more than any other sector.
"April's property tax hikes, including business rates revaluation, will hinder retailers' vital role in contributing to the recovery."
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