Impact of Business rates rise on small business'

The video discusses the impact of increased business rates on shopkeepers, highlighting the financial challenges they face, such as rent increases and tight margins. Family-run businesses are particularly affected, with concerns about crossing financial thresholds and the fear of expansion due to fluctuating property market rates. The government claims that the reevaluation of business rates will ensure accurate billing, with many small businesses benefiting from reliefs. However, there is criticism over the appeal process and the potential for businesses to be forced to relocate.

What is one potential solution for businesses facing increased rates?

• Relocate the business

• Increase product prices

• Reduce store size

• Hire more staff

What additional financial pressures are small businesses facing besides increased rates?

• More competition

• Increased utility bills

• Rising minimum wages and pensions

• Higher rent costs

Why is Catherine hesitant to expand her business?

• Insufficient staff

• Fear of increased rates

• High rent costs

• Lack of demand

What is the government's claim regarding the reevaluation of business rates?

• It will ensure accurate billing

• It will increase revenue

• It will simplify the tax system

• It will reduce business closures

What is the main concern of retail groups about the new business rate regulations?

• The complexity of the process

• The increase in tax rates

• The high bar for appealing valuations

• The lack of transparency