October news, business rates upheaval

 

New business rating revaluations

The Government, every 5 years or so, revalues all business properties for the calculation of business rates. These are the charges that most businesses pay on their premises. As ever, many businesses will pay more following a re-evaluation, but this time round, the Treasury have announced that there will be some rate relief for smaller businesses.
For more info https://www.gov.uk/apply-for-business-rate-relief/small-business-rate-relief.
But a word to the wise, yet again all businesses will be targeted by “Business Rate Consultants” who say they can reduce your rates and charge you a % of what they save.
I was approached by one of these consultants a couple of years ago and it cost my business an additional £2,000.00 a year in rates payable and I had no come back. If you think your business rates are wrong, contact your local valuation office and find out what information they hold on your property. In my case, additional floor space was added to the building 20 years previously, (I’d only leased it 4 years ago) which I didn’t know about and as the property had never been inspected from when it was built 10 years prior by the Valuation Office, that was the reason why the rates increased.
Once you know what information the Valuation Office holds on your property then you can make an informed decision whether to approach them for a revaluation if you think something is wrong. As long as nothing has changed in terms to the fabric of the building. You might need advice of course and inevitably that would come with a fee, but most local surveyors will give you a “heads up” if they think there is a real chance in receiving a reduction.

 

 

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