CVS live on BBC BreakfastThursday, August 10, 2017
On Wednesday 2nd August, we were invited to appear live on the BBC Breakfast show to talk about the impact business rates are having on businesses in Didcot, and for very good reasons.
Shopkeepers in Didcot, dubbed the ‘most normal town’ in the country, and the first existing town to gain the Government’s Garden Town status in 2015, have received new tax bills for 2017/18 under the business rates Revaluation and are now dealing with the highest increases in bills for the whole of England.
Didcot consists of 182 shops, and under the new Revaluation, the collective property values have increased by a staggering 52.50% for these shops alone; up £1.54m to £4.47m.
Our data and analysis shows that in the last financial year, before the new Revaluation, the 182 shops in Didcot paid collectively £1.44m in business rates tax, but new rates bills for 2017/18 have seen the total amount payable increase by over £300,000 to £1.75m; a tax hike of 21.12%.
To add insult to injury, the Tesco Superstore, Didcot’s major in-town supermarket, has seen its property value fall from £1.3m to £1.27m, which subsequently means that their tax bill for this year has also been cut by almost 3%.
Our very own Regional Rating Director, Dean Bosley, was invited to Didcot by the BBC Breakfast team to discuss why shopkeepers in Didcot, in particular, are facing such burdensome rates issues.
To find out what he said, watch this short video;