Wales lowers SME’s rateable values

Wales businesses will soon get a break on their rates, with the announcement that the assembly government plans to decrease the amount many small businesses will owe in 2010.

SMEs were worried about upcoming bill hikes after it was recently evaluated that rateable values would soon rise.

Now the Welsh government is addressing the problem by lowering the rate at which SME’s bills are calculated at.

The Federation of Small Businesses stated that they are pleased with the new announcement and that many SMEs were worried after receiving revaluation notices that stated their bills would increase in the next year from the Valuation Office Agency.

The new rates will be lowered for SMEs from .489 to .409.

Wales’s chair of the FSB, Janet Jones, stated that the organization is welcoming the news but stating that they are still cautious to see what its results are. Jones continued to say that the FSB has worked hard to see a reduction in rates and they are glad to see the Government finally take notice.

A spokesman for the assembly government stated that they were not able to delay the revaluation of property, but can reduce the multiplier to make its results more suitable for business owners.