The Federation of Small Businesses (FSB) has welcomed a series of measures announced by the Finance Minister Mervyn Storey MLA on business rates in Northern Ireland.
Wilfred Mitchell OBE, FSB Northern Ireland Policy Chair, explained: “The FSB welcomes the Minister’s recognition that the current rating system needs to change to better serve small businesses in Northern Ireland, and we are pleased that a number of our recommendations have been confirmed within today’s statement.
“Commitments, including moving to a more frequent revaluation of properties, industrial de-rating exemption to protect and support our manufacturing sector, and greater clarity in rates valuations, make solid progress in the need for a long-term solution. In particular, the increased frequency of revaluations will provide more accurate rates bills, more reflective of changing wider economic conditions.
“Business rates are a major concern for small businesses in Northern Ireland, ranking as the third highest expenditure of our members, according to FSB research conducted in November. Not only are they one of the highest overheads, but they also ignore profitability, business cycles and the ability to pay.
Mr Mitchell noted that improvements in the current rating system will ease some of the tension for almost half of small businesses in Northern Ireland, who pay a much greater proportion of their turnover in rates than larger businesses. Research conducted by the Ulster University for FSB found that 43% small businesses in Northern Ireland said that the cost of rates is a barrier to business growth and success.”
Mr Mitchell added: “Furthermore, we welcome the Minister’s commitment to continued work on rates in light of the Chancellor’s recent budget and would urge electoral candidates for the Northern Ireland Assembly to support these changes as legislation will be taken through the Assembly after the May 2016 election.”
The FSB Northern Ireland Assembly Manifesto – Realising the Potential of Small Businesses can be downloaded from:
PRESS RELEASE – FSB WELCOMES PROGRESS ON BUSINESS RATES BY FINANCE MINISTER
THE Federation of Small Businesses (FSB) has welcomed a series of measures announced by the Finance Minister, Mervyn Storey MLA, on business rates in Northern Ireland.
Wilfred Mitchell OBE, FSB Northern Ireland Policy Chair explained:
“FSB welcomes the Minister’s recognition that the current rating system needs to change to better serve small businesses in Northern Ireland, and we are pleased that a number of our recommendations have been confirmed within today’s statement.
“Commitments, including moving to a more frequent revaluation of properties, industrial de-rating exemption to protect and support our manufacturing sector, and greater clarity in rates valuations, make solid progress in the need for a long-term solution. In particular, the increased frequency of revaluations will provide more accurate rates bills, more reflective of changing wider economic conditions.”
“Business rates are a major concern for small businesses in Northern Ireland, ranking as the third highest expenditure of our members, according to FSB research conducted in November. Not only are they one of the highest overheads, but they also ignore profitability, business cycles and the ability to pay.
Mr Mitchell noted that improvements in the current rating system will ease some of the tension for almost half of small businesses in Northern Ireland, who pay a much greater proportion of their turnover in rates than larger businesses. Research conducted by the Ulster University for FSB found that 43% small businesses in Northern Ireland state that the cost of rates is a barrier to business growth and success.
Mr Mitchell concluded: “Furthermore, we welcome the Minister’s commitment to continued work on rates in light of the Chancellor’s recent budget and would urge electoral candidates for the Northern Ireland Assembly to support these changes as legislation will be taken through the Assembly after the May 2016 election.”
The FSB Northern Ireland Assembly Manifesto – Realising the Potential of Small Businesses can be downloaded from:
