Small to
medium enterprise representatives were enrage after UK government data
speculates to collect £1bn from hiking taxes for said enterprises this 2017.
Property revaluations would be "revenue-neutral" according to
Treasury officials, but a report from the Department of Communities and Local
Government revealed the tax total would increase from £24bn to £25bn in
2017-2018.
Some of
UK's well-known upscale brands could be affected by the changes. However,
Treasury Secretary David Gauke said the businesses would barely see any change
or fall in their business profits."
The
Federation of Small Business said the rates system is become "unfair and
outdated" as it was obvious many businesses faced "arbitrary
surprised hikes" in their bills.
All businesses are preparing to see a huge rating backlash in their
regular tax bills.
Meanwhile,
Amazon UK would get a huge business rate cut due to pre-emptive measures such
as moving their warehouses away from town centres. Other large business chains
including Tesco, Asda, Morrisons and Sainsbury's would also get reductions for
their business.
Other
property revaluations could mean universities and other educational
institutions may face a £300 to £500m value increase for the rest of the
decade. However, the Treasury defends the hikes stating that the cuts in the
high streets were fair because these areas had handled the stress in the last
few years.
