Fears grow over business rates

Increasing rates are now the biggest worry facing local firms according to an annual survey of the borough’s business community.

As part of the study, more than 500 traders were asked to name the main source of concern for their operation. Thirty-seven per cent cited business rates – more than any other issue.

Rateable values are set by the Valuation Office Agency and have to be paid regardless of how well businesses are performing.

During the recession, firms in some parts of the borough have seen their bills soar by more than 100 per cent. Wandsworth Town, Balham and Clapham Junction have seen the sharpest hikes.

Wandsworth Council runs London's only Hardship Relief scheme to support the worst affected small businesses. Eligible firms can receive a discount of up to 40 per cent.

Deputy Council leader Maurice Heaster said:

"The proportion of local traders citing business rates as their biggest fear has more than doubled over the last year. Bills in some parts of the borough are simply unaffordable.

"The council has launched a relief scheme to help the worst affected small firms but the long-term solution has to be local control. With the powers to set rates in our borough we could extend our low tax pledge to the business community and protect them from the wild inconsistencies of a centralised system.”

To find out how to apply for Hardship Relief visit www.wandsworth.gov.uk/businessrates