Most firms will gain after rates shake-up as burden shifts

Companies could be better off by £3,000 to £6,000 a year

Most businesses in Peterborough are expected to enjoy a financial windfall in the wake of a national shake-up of ratable values, it has been claimed. Experts say the national rates revaluation that is being carried out by the government will mean a shift in the burden of business rates to London and the South East.

As a result it is estimated most companies in Peterborough will be better off by between£3,000to£6,000ayear.

Richard Jones, director at commercial agents Barker Storey Matthews, said: “The huge growth in rental values in London and the South East since the last rating revaluation in 2008 has meant a shift in the business rates burden.

“The majority of Peterboroughbusinesseslooktobeina positiontogainfromthisvaluation.”

Rateable value of premises andthemultiplier figureused to calculate the amount to be paid are set to fall.

Also, companiesoccupying just one building and are UK registered can apply for small business rates relief and will now pay no business rates from next April.

Mr Jones added: “This is a huge boost to small Peterboroughbusinessesandarealencouragement for companies to strengthen and move.

“The best savings will be for office premises under 1,000sqft andindustrial units under 2,000sqft.

Peterborough MP Stewart Jackson said: ““With good jobsgrowth, moreapprenticeshipsandlowunemployment, it’s obvious that the city is attracting new businesses and relocations - a more competitive business rates will add an extra incentive for firmstoseriously consider basing their businesses in Peterborough.”