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|Spring Budget - SMEs affected by business rates revaluation|
|Thursday, 09 March 2017|
Aamar Aslam, CEO of Funding Invoice, the invoice trading platform, comments on the changes in business rates, as outlined in the Spring Budget 2017: “The Chancellor announced today that business rates revaluation will take effect from April 2017 across England, along with a planned discretionary fund of £300m for local authorities to support businesses hard-hit by business rates, which will undoubtedly be welcome news for businesses across the country facing closure as a result of these revaluations.
"For SMEs however, business rates can provide an unwanted burden on cashflow. A number of SMEs are relocating outside of the big cities as a result of rising commercial rents, but they will still face business rate burdens, particularly those with several property outlets. Whilst this £300m fund is a step in the right direction, small businesses are continuing to suffer from cashflow imbalances outside of their control, and require support from Government to resolve these issues and keep the economy afloat.”
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