Don’t be an April Fool over business rates
UK businesses pay £26 bln a year in business rates. From 2013 onwards local government has retained 50% of this money and by 2020 it will keep 100%. Central government funding will be correspondingly reduced.
Business rating periods usually span 5 years. The last rating period was due to run from 2010-2015 but was extended to 2017. In preparation for the new 2017-2022 rating period the rateable value of every non-domestic property in the UK is currently being re-assessed. The results will be finalised by October 1st and applied from April 1st 2017.
Only one appeal per rating period is allowed. You may have made a 2010-2017 appeal, but now is an opportune time to consider your position from 2017 onwards as any reduction will benefit for the next five years. It is also better to seek a lower rating from the start rather than overpay and fight to recover your money.
Vacant properties and those who have undergone change either internally or through external factors are of particular interest, but all non-domestic premises should investigate this opportunity.
The assessment and challenge of business rates is a highly specialist area. Auditel – the largest independent cost managers in the UK – have arranged a relationship with a rating specialist. Unlike their more aggressive competitors they do not employ sales staff but have grown solely by recommendation.
An initial desk survey should be conducted to assess the likelihood of a successful appeal. This is fast, free and without obligation – it requires only a recent rates bill. Based on their assessment you may wish to instruct a formal appeal for 2017-2022. If successful, the fee is 20%-30% of the saving in rates payable.
If you are interested in this service please either contact me or submit a recent rates bill here.