It is no secret that the cost of living-induced inflation has had a detrimental effect on the UK’s economy, so it comes as no surprise that, now more than ever, small businesses across the country are suffering. As they struggle to pay bills, combined with the rise in energy prices, many small and medium-sized enterprises (SMEs) are being forced to shut their doors.
Since March, business rates have skyrocketed, with official figures now revealing which regions of the UK have been hit the hardest. Additionally, the cost of renting a commercial property has risen significantly since 2018, proving just how hard it has become to run a successful business.
BPI, an online auction platform for commercial assets, recently analysed an assortment of data which had been obtained from 155 councils throughout the country. The study was conducted to uncover the average annual increase in business rates and how these extra costs could impact today’s economy.
The study ultimately found that business rates had risen by an average of 18% in 2022. Furthermore, from the ten councils that responded to BPI’s FOI request, it was revealed that, on average, each area saw an increase of 16.62% in business rate payments.
Although this is a particularly trying time for many small business owners, there may be a solution to help you offset these rising costs.
Most businesses rely on an energy broker to act as an intermediary between them and the energy company giants. As a result, it may be the case that you have been mis-sold an energy contract – adding a significant cost to your monthly bills. These energy brokers earn secret commissions by adding an undisclosed fee to your energy contracts, and they have various methods of doing so.
For example, many energy brokers keep these additional fees hidden by presenting business owners with the contract price as a bundled rate, including the energy price and the broker’s markup. Ultimately, this can make it increasingly difficult for business owners to determine the exact amount of the broker’s commission, as it cannot be broken down into individual costs.
If you believe you’ve been mis-sold your energy contract and think you’re entitled to compensation, read our article on how to spot the red flags that indicate that you may have been a victim of mis-selling.
How can I start my claim?
To make a business energy claim, you should contact us immediately to see if any commission has been declared within your contract.
All that you would be required to do is fill in a short form, providing us with your details, including your name, your business’ name, a phone number or email address, and a few more details, so we can ensure this is the right course of action for you.
Claims can be made for both previous and current business energy contracts, so if you have been affected by mis-selling in the past, it’s worth exploring your options. A successful claim could result in compensation or a reduction in your energy bills, so it’s crucial to take action if you believe you have been mis-sold a business energy contract.