The government has delayed the 2015 Rating Revaluation until 2017 on the grounds that it wants to avoid sharp rises in business rate bills for local businesses, and that a delay will deliver tax stability seen as vital to business growth and to help improve the economy.
Rating revaluations are scheduled to take place every five years, with the last one performed in March 2010, and are designed to ensure that business rates are based on relevant property values. However, the latest decision will mean that businesses will now continue to pay rates based on pre-recession property rental levels, thereby preventing a downward adjustment from taking place for those, like local retailers, who are seen to be suffering in the current economic climate.
Signa’s advisers can provide a valuation to determine how much your business will pay for business rates for the next five years. Your current rateable value is often incorrect as it can be based on ‘drive-by’ and out of date information, rather than on genuine surveys taken of premises and individual circumstances.
If your company is currently on the wrong scale, you could have overpaid thousands of pounds over the previous five year period (now extended) without realising you are eligible for a ratings reassessment and/or a rebate for which you can appeal.
Whatever the size of your business pursuing an appeal may yield substantial savings and rebates and there are varied grounds for appeal.
Our advisers can help you with any of the following:
If you would like more information on how Signa can help please call us on 01494 562738 or send us a message.