Supporting Businesses in the Borough of Wandsworth
Wandsworth Chamber Of Commerce in partnership with Sancus Ltd (TA Auditel Ltd)
Overall Rateable Values in the London Borough of Wandsworth, which are based on rental levels, are set to increase on the 1st April by an overall increase of 18% from £216million to £255million. Of course this overall statistic masks some of the real pain being felt with many property types in Wandsworth experiencing larger increases. The following table shows which property types in Wandsworth have increased the most.
The largest increase in Rateable Value Wandsworth is being experienced by a café close to Clapham Junction station which will see its rates assessment increase from £5,800 to £78,000, an eye watering 1293%.
The government has introduced a transitional relief scheme to limit increases in rates bills although the amount of relief will depend on whether the property fits into a small medium or large category. Small is defined as any Rateable Value up to £28,000 and large any value over £100,000. For the largest Rateable Values the relief is limited and occupiers can expect to see their bill going up by approx. 45%. For small properties the increase would be limited to 5% in the first year and 7.5% in the second year. The government is reviewing this scheme and may change the details as part of the forthcoming budget.
Ratepayers are urged to investigate whether their rateable value is correct as they have a right of appeal to seek a reduction in their rates. If the value can be shown to be excessive then the savings can be substantial. Since 2010, 1 in 5 rates assessments in Wandsworth have proved to be wrong so occupiers should act quickly to avoid missing out on a rates refund.
As we approach the 1st April at which time the new Rateable Values become effective the window of opportunity for businesses to review and appeal their current rates bill starts to close. On the 31st March this window closes for good and business loose the opportunity to appeal for the 2015/16 and 2016/17 financial years.
So what can be done?
Recognising the need to offer additional support to it’s members the Wandsworth Chamber of Commerce has been working with Sancus Ltd (t/a Auditel), a cost management business, to provide a rates review service. In conjunction with RatesRecovery (part of The Altus Group) Wandsworth Chamber is offering businesses a very simple and risk free opportunity to review their business rates.
RatesRecovery’s qualified Chartered Surveyors make an initial assessment on whether an appeal is feasible they then seek to apply their knowledge of the industry and of the appeal process to achieve a successful outcome for the client.
This service requires no up front fee, only if the appeal is successful do fees become payable and these are sourced from the savings achieved following the appeal.
Business not only saves time and money but can rest assured that their rates review is in qualified hands.