In reaction to new figures by Altus Group, that show “81,000 companies have struggled to pay their business rates, with bailiffs sent to 222 premises across England every day in 2017-18”, Chirag Shah, CEO & Founder, Nucleus Commercial Finance, comments: “Despite SMEs being the backbone of our economy, they have faced excessive increases in tax payments since the revaluation of business rates in April 2017. Government policies cater to bigger enterprises that squash the success of emerging ones and we urge Chancellor Philip Hammond to address this issue in his upcoming Autumn Budget Statement – ensuring that smaller enterprises, as well as our economy, do not suffer.
Alongside this we urge businesses to plan for their tax more effectively, thinking ahead and putting the finance aside to pay these crucial bills. The effects of not doing so can be devastating with assets being seized by bailiffs or SMEs being forced out of business. If it comes to this business owners need to know that there are financial options out there that can give them some breathing space. We believe that with the right policy landscape and financial support, smaller businesses can continue to demonstrate their expertise and fuel the UK’s economic growth.”