Businesses is England set to pay additional 1.1bn in business tax this year, but the 'worse is yet to come' - London Business News | Londonlovesbusiness.com

Research from the Global Payroll Association indicates that English businesses are projected to incur an additional £1.1 billion in business rates for the fiscal year 2024/25. This increase, amounting to a total of £26.3 billion, represents a 4.5% rise compared to the previous year. Tower Hamlets is anticipated to face the steepest hike, while the new Labour government's policies starting in April 2025 could further amplify financial pressures on businesses by altering existing rate reliefs and increasing employer-related costs.

England's businesses face a £1.1 billion rise in business rates for 2024/25, amid upcoming significant cost increases from the Labour government's fiscal policies.

Tower Hamlets is projected to experience the largest business rates hike in England, with an expected bill of £433.2 million, reflecting a staggering 28.9% increase.

Read at London Business News | Londonlovesbusiness.com