Why are you paying business rates.
One of the many headlines from the Chancellors Autumn Statement was that Business rates in England are to be capped at 2% rather than linked to RPI inflation.
While this is good news for businesses that are already renting or own their premises, although a change to the whole business rates charge would probably be more welcomed, for many new business start ups these added costs can be prohibitive.
But, why pay business rates at all..
By using a virtual office you are not subject to any business rate charges, or in fact any electricity, gas or water charges or building insurance etc. For your virtual office you pay either a one off annual fee or a monthly fee to be able to use the address for your business.
The costs of a virtual address are significantly cheaper than renting a small office or retail unit and it provides you with a real address so giving your customers confidence in your business and projecting a professional image.
You can still work from home but use the virtual address for your everyday business correspondence and many virtual office can provide you with room hire so that you can meet your customers or suppliers in a comfortable environment – rather than inviting them to your home or meeting in a local restaurant or coffee shop.
If you are a limited company your business can use the address as its legal correspondence address, also known as the registered office address, plus with a mail forwarding service you can use the address as a contact point for your business mail from customers and suppliers.
For sole traders, the address can be used as your business address for your online marketing.
So, in order to protect your business from any increases in overheads, such as business rates and utility charges, a virtual office is a viable alternative.