The report from Close Brothers Asset Finance revealed that 49% of respondents called for more government assistance with regards to business rate relief.

“According to the latest advice, business rates are worked out based on a property’s ‘rateable value’, which is its open market rental value, which is in turn based on an estimate by the Valuation Office Agency,” said Neil Davies, CEO at Close Brothers Asset Finance (pictured above).

“Rates can be estimated by multiplying the rateable value by the correct ‘multiplier’, an amount set by central government.

“Our study has found that it’s a nuanced picture [out] there, and what I mean by that is that the call for clarity is not driven by cost concerns.

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“51% of those polled feel that the rates they pay are ‘just right’ against 32% who feel they are ‘too expensive’, which is consistent across regions, industries and business size. 

“In addition, more businesses (44%) feel they are getting value for money compared [with] those who feel they are not (39%).”

Q: Should business rates be made simpler and more flexible?

The report revealed that there was a strong indication that not enough was being done to assist businesses with rate relief, which is handled differently in England, Scotland, Wales and Northern Ireland.

Q: Is enough being done by the government to assist businesses with business rate relief?

Nearly one in 10 respondents said that they had seen business rates rise ‘steeply’ over the past two years.

Yorkshire, London, the South West and Scotland experienced increases above the UK average, while only 2% of SMEs have seen a decline. 

The West Midlands at 7% was the only region above the national sentiment.