Hospitality businesses established in Northern Ireland are being encouraged to send back their Form of Return so the Land and Property Services is able to revalue the business rates that firms will have to pay.
Currently, business rates across the region reflect property prices that were valued way back in 2001. The Government now wants to re-assess these figures so they better reflect the current economic climate. Politicians believe that businesses may be wrongfully calculating expenditure, such as outgoings and hospitality recruitment, especially if their business rates drastically change in the near-future.
The new valuation rate will be used from April 2015, at which point it will be used as a basis to calculate business rate bills.
Finance minister Simon Hamilton said: “It is imperative that business rates are re-balanced to ensure that the burden is shared and distributed fairly. In order for us to have the information to assess fair valuations, input from the business community is critical. I would urge those businesses that haven’t provided their rental information to do so now, time is running out – you, the business community, have been calling for a revaluation for some time now, so the success of this revaluation depends on as many businesses as possible to complete the forms.”
Recent research has revealed that business expenditure has continued to rise within the hospitality sector, with the cost of supplies, gas and electricity all putting a major dent in end-of-year profits. Therefore, it is important that all companies across the UK have their business rates evaluated in order to know for sure where they financially stand.
Berkeley Scott is a specialist recruitment agency providing hospitality employment solutions.