Teddington’s high street businesses share how new taxes will impact them
Independent businesses in Teddington say they "rely on great customer service to keep thriving" while local restaurants and pubs say they face more challenges.
According to Simply Business UK, business rates relief will reduce from 75% to 40% for the retail, leisure, and hospitality industries up to a cap of £11,000 per business starting in April.
Additionally, National Insurance will increase and a reduction to the threshold at which employers start paying it, increasing from 13.8 per cent to 15 per cent.
Moreover, the secondary threshold is being reduced from £9,100 a year to £5,000 a year, which works out to £417 a month or £96 a week.
Independent businesses along the high street say they "count on providing great customer service" to manage their tax responsibilities.
Wayne Hartley is the Creative Director of Shape hair salon, which opened in Teddington ten years ago, and is an award-winning stylist originally from New Zealand where he ran a business for 25 years.
Speaking about the new taxes, he said: "We are a small business with a very loyal clientele who understand quality. These personal relationships keep us in business."
Two of the salon's customers told Teddington Nub News that their sense of loyalty is based upon Hartley's talents and experience as a hairdresser to make sure they look their best.
Paul Street, Managing Director of Streets Jewellers, says he has had an "extremely loyal" clientele for over 25 years.
He said: "If business is good, and you have good clients, they will keep coming back. We can pass along the costs and just watch the margins. Our prices are very fair.
"Our business is both retail and design. Clients can bring in their designs or we can offer design advice to custom create their engagement and wedding rings, which is now 70% of our business.
"We create a model for each item, so the client understands the quality before making the piece. Engagement rings can take three weeks and wedding bands about two weeks."
Diane Yarlett, owner of Nova Fortuny, has been on High Street since 2006.
She started her career on Rodeo Drive, Los Angeles.
Speaking about her clients, she said: "Understanding fashion, quality, price, and value, our clients are loyal and love the variety of unique pieces, for work, travel, or special occasions.
"I love selecting interesting and fun jewellery from the classic to the movie star glamour."
This Mother's Day (Sunday, 30 March), Nova Fortuny is offering a wide range of gifts and gift vouchers.
Yarlett said: "Holding special events keeps our clients having fun with us. On 1 May, we will have a Joseph Ribkoff event with models, a stylist, canapes, and drinks.
However, restaurants with lots of staff in Teddington, including Côte Teddington and Shambles Restaurant & Wine bar, are finding the new taxes more challenging.
As a result of the new taxes, Côte Teddington is offering new menu items at different price points, acknowledging that rising costs for food, beverage, labour, utilities and rent mean being very careful.
Dominik Barlos, Supervisor at Côte Teddington said: "We offer two new pre-fix menu options for both the weekday and weekends. We've added new French wines appealing to a younger generation in addition to customer favourites.
Two weeks ago, Munira Wilson, MP for Twickenham and Teddington, challenged Treasury Ministers over the impact of the employer's national insurance rise from the start of April on pubs like The King's Head, as well as popular family run business Shambles Restaurant & Wine Bar.
She said: "Not only are they having to deal with the impact of this jobs tax, but they also face a cliff edge with the end of the hospitality business rates relief regime at the end of this month, ahead of a reformed system being introduced next year.
"I believe we must support our high streets and local businesses."
Munira MP spoke up for local businesses in Parliament again on Wednesday 26 March, saying: The Chancellor again failed to deliver the change people across Twickenham and the country are crying out for.
"By not scrapping its punitive jobs tax and failing to reform the business rates system, the Government has chosen to inflict more pain on small businesses and high streets.
"Having spoken to local businesses such as the Eel Pie in Twickenham, the King's Head and Shambles Restaurant and Bar in Teddington, I've heard first-hand about the challenges they are facing.
"At the same time, the Chancellor cut public services and hit the most in our society with more uncertainty and pain. I and my Liberal Democrat colleagues will continue to fight for the change that people were promised."
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