Small firms facing business rates self-assessment
The Mail on Sunday reports that hundreds of thousands of small firms will be forced to assess their own business rates under proposals being drawn up by the government. The plans, which are said to follow discussion with the big four accountancy firms, would be similar to the move to self-assessment for individuals liable for income tax. The proposal would allow the government to cut the cost of running the Valuation Office, and would also enable it to increase the frequency of revaluations, which take place every five years at present. The Mail on Sunday also notes that major accountancy firms have submitted responses to the government’s inquiry into the future of business rates, but the documents are yet to be published and it is not clear when or if they will be released.
Source: The Mail on Sunday (29/01/2017)