Businesses in Monmouthshire are facing a double whammy of business rate increases from April next year, unless we can get these unfair rises overturned.
Business rate revaluations usually take place every five years and the Valuation Office Agency has conducted a revaluation of all non-domestic properties to come into force in April 2017. The revaluation adjusts the rateable value of properties to reflect changes in the property market and to redistribute business rates liabilities rather than increase revenue.
The Welsh Government has pledged that across Wales, a revaluation will be revenue-neutral. However, as the overall rateable value of properties in Wales is decreasing, the Welsh Government is increasing the multiplier from April 2017.
But in Monmouthshire, rateable values from the last valuation in 2010 have not decreased. Far from it:
Retail properties in Monmouthshire have seen an average increase in their rateable value of 10%
Offices in Monmouthshire have seen an average increase in their rateable value of 10.5%
Other commercial properties have seen an average increase in their rateable value of 13.5%
This means a number of businesses in Monmouthshire are facing the ‘double-whammy’ in April 2017 of a significant increase in their business rates valuation and the increase the business rate multiplier. Some businesses are being hit even harder because their revaluation has pushed them over the £12,000 threshold and are now no longer eligible for small business rate relief.
Some Monmouthshire businesses are seeing an increase in their business rates of 200%!! This is simply unacceptable.
Nick is doing all he can to fight these unfair proposals, which penalise businesses in Monmouthshire. Nick believes the business rate multiplier should be based on local trends, so Monmouthshire firms aren’t plugging the gap for a loss of revenue due to a fall in rateable values in other parts of Wales.
Please sign Nick's petition to overturn these unfair rises. Please encourage friends, colleagues and others to sign it to show support for small businesses in Monmouthshire.