Good news for Business Rates

As reported in the Telegraph this morning, Fashionista is delighted that the government has agreed to stagger increases in business rates on properties over the course of the next two years.

A 5% increase was due to be enforced on 1 April 2009, however due to effective lobbying this will now be introduced as a 2% rise. The remaining 3% will be recouped over the next two years.

Fashionista predicts that there will be a flurry of rate payers contacting their local council's to request revised payment plans to assist with managing the increased costs. Any cost saving are welcomed in the current climate.