Business Rates
This coverage examines business rates policy and its implications for the UK retail sector. Reporting focuses on government decisions, reforms, rate relief measures, and their impact on store operations, profitability, and investment decisions. Tailored for retail executives and managers, it provides analysis to help navigate costs, advocate for change, and plan effectively in response to fiscal pressures.
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Apr- 2021 -14 AprilSupermarkets
Tesco profits fall 20% despite rising sales
Tesco has reported that pre-tax profits plunged 19.7% to £825m in its latest full-year results, despite UK like-for-like sales increasing by 7.7% to £39.4bn in the period. It comes as the group said the pandemic had “far-reaching” impacts on its operations, as it incurred Covid-related costs of £892m, largely attributed…
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8 AprilHigh Street
Co-op to repay £15m furlough relief as profits rise to £77m
The Co-op has revealed it will repay £15.5m of the Covid relief it received from the government’s furlough scheme but will retain what it received in business rates support. The news comes after it reported a bumper rise in profits after tax and discontinued items for the year to £77m.…
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6 AprilSupermarkets
Iceland MD calls for digital sales tax
The boss of Iceland is calling for a digital sales tax to support the British high street’s economic recovery post-lockdown. Malcolm Walker, managing director of the group, believes a tax on online sales could potentially become part of an overhaul of current business rates, which he refers to as “outdated…
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Mar- 2021 -31 MarchGovernment
Retail leaders call for ‘Shop Out to Help Out’ scheme
The Save the Street campaign, supported by the British Fashion Council and retail expert Mary Portas, is calling for the government to adopt an incentive scheme similar to its ‘Eat Out to Help Out’ initiative last summer. Founded by Ross Bailey, CEO and founder of Appear Here, the campaign represents…
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22 MarchEconomy
Sunak delays debate for online sales tax until autumn
Chancellor Rishi Sunak will reportedly wait until autumn before deciding whether or not to impose a UK online sales tax which will attempt to level the playing field between online retailers and the high street. According to the Financial Times, Sunak is waiting until US president Joe Biden’s administration team…
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22 MarchSupermarkets
Iceland spends £150m on deals despite pocketing £40m Covid relief
Iceland’s owners have taken and spent £150m from the supermarket chain since the beginning of the pandemic, despite refusing to repay business rates relief, according to The Sunday Times. The company’s recent investor presentations revealed that Sir Malcolm Waker, Iceland’s founder, used £141m to purchase former shareholder Brait and acquire…
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12 MarchFeatures
A look at what an online sales tax means for businesses
In last year’s Business Rates Review: Call for Evidence, Jesse Norman MP, financial secretary to the Treasury, said the government would explore the potential options of “alternative” property and online taxes which could act as “possible replacements” for rates to tackle the increases in businesses online presence. The proposition would…
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11 MarchSupermarkets
Morrisons remains ‘confident’ despite 62% fall in profits
Morrisons has said it expects to see profits recover this financial year, after it experienced a 62% decrease in pre-tax profits during 2020 due to costs brought on by the pandemic. Last year, the ‘Big-Four’ grocer saw like-for-like sales grow by 8.6%, as consumers flocked to supermarkets throughout the pandemic. …
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11 MarchDepartment Stores
John Lewis swings to £517m loss, warns of further closures
The John Lewis Partnership has swung to a pre-tax loss of £517m in the full-year ended 31 January 2021, down from a profit of £146m reported the year before. This was largely the result of “substantial” exceptional costs of £648m, which included the write down in value of John Lewis…
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5 MarchDepartment Stores
Frasers Group warns of closures amid business rates cap
Frasers Group has warned that the £2m business rates cap announced in the spring budget on 3 March 2021 will make it “nearly impossible” for the group to take on ex-Debenhams sites with the inherent jobs created. The group stated that the cap for businesses from July 2021 to March…
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