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Woking, Surrey, United Kingdom, 2013/01/22 - Local authorities retaining business rates see an opportunity for increased revenue through Aligned Assets business data - Aligned-Assets.co.uk.
Due to the change in legislation surrounding the retention of business rates, Aligned Assets are set to make their business database available to business rates teams across local government.
The new legislation will see local authorities retaining up to 50% of all business rates collected and the Aligned Assets database can assist in locating unbilled businesses and thereby generating new revenue.
Containing over two million records and updated daily by a call centre of 65 people making in excess of six million validation calls each year, the business database is currently used by emergency services to assist in locating 999 calls made in commercial areas, and is also the source of directory information for organisations such as 118 118 and Bing.
Announced on 21st November 2012, the new policy will come into effect on 1st April 2013. According to Brandon Lewis MP, Parliamentary Under Secretary of State for Communities and Local Government:
“The business rates retention scheme will enable local authorities to retain a large proportion of locally collected business rates to help fund the services they provide, thereby creating a direct link between business rates collected and local authority income, and reducing local authorities’ dependency on central government grants. The scheme will give all councils a strong incentive to go for growth and could add approximately £10 billion to the wider economy by 2020.”
“In 2011/12 there was over £21 billion in business rates after billing reliefs collected from approximately 1.8 million businesses,” explained Managing Director of Aligned Assets Andy Hird. “This equates to an average of £11,500 per business, which means that even if a council was to use our data and locate only one unbilled business, the return on investment would be almost 100%.”
About Aligned Assets
Aligned Assets (aligned-assets.co.uk) are an industry leader in AddressBase, gazetteer and address management solutions. They supply software across the public and private sectors including over 100 Local Authorities, Fire & Rescue Services and Police Forces. In addition to software and data solutions, they offer a complete range of consultancy, training, bespoke development and project management.