North West winners revealed in new business RVs for 2017
The big business rate winners nationally have been revealed for when the new Rateable Values are introduced on 1 April 2017.
Retailers in Wales’ Port Talbot, Neath and Newport, Tamworth in the West Midlands and London’s Ealing are top of the list with, frankly, staggering reductions of 63.51%, 55.84% and 55.67% listed respectively. Dozens of other towns and cities will also enjoy substantial reductions – mainly in the 40%+ category, according to the latest report from Colliers.
This will undoubtedly very welcome news for the hardest hit centres across the country but April 1, 2017, probably still feels like a very long way off for any struggling businesses out there.
The North West’s top 10 towns to benefit from reduced RVs in retail include Rochdale (-40.20%), Crewe (-37.90%), Stockport (-35.41%), Ashton-under-Lyne (-35.41%), Oldham (-33.36%), Stretford (-32.30%), Barrow-in-Furness (-31.11%), Northwich (-29.41%), Warrington (-16.82%) and Manchester City (-17%).
Retailers in major regional cities and towns will also experience significant falls in RVs with Middlesbrough by -37%, Bournemouth by -30%, Newcastle by -25%, Sheffield by -24% and Liverpool and Manchester both expected to see a -17% fall.
Across the Pennines in Yorkshire, the top towns to see a drop in RVs are: Dewsbury (-43%), Scunthorpe (-41%), Keighley (-40%), Sheffield (-24%), Bradford (-23%), Rotherham (-19%) and Grimsby (-17%).
On the flip side of the coin I will be very interested to see who the losers are going to be on 1 April 2017 – retailers in London’s more affluent post codes must be holding their breath right now.
A Tory MP is calling for business rates to be scrapped and replaced by an increase in VAT in order to save high street businesses.
Maximising income and protecting cash flow has never been more important for landlords as the UK battles through the latest stage of the pandemic.
Here is an easy way to check if your business is eligible for further grants to help you through lockdown 3.0.