Rateable Values
Business Rates
Occupying a building (or part of one) for business purposes will mean that you’ll more than likely be required to pay business rates. Generally speaking, every commercial property in the UK is assigned a 'Rateable Value', which represents its market rental value. Businesses are required to pay a proportion of this value each year, usually around 50%, in Business Rates.
Revaluation
When a ‘Revaluation’ takes place, the government effectively re-values every property to adjust for changes in the property market. The last revaluation took place in April 2017 and there were some significant rate increases for business owners.
How Can We Help?
Business Rates are one of the only taxes you will ever pay based on someone’s opinion, rather than absolute fact. Naturally therefore, there are opportunities to challenge this opinion and this is where Business Savings Experts can help.
We have partnered up with a team of Chartered Surveyors who specialise in the complex and technical field of rating. Generally we would look to review properties with a Rateable Value in excess of £20,000, but would always look at each case on an individual basis. Further, if you have a property with a Rateable Value of less that circa £15,000 (subject to budget changes) you may be entitled to Small Business Rate relief.
There are various ways in which Business Rates savings can be made, but in all instances an appeal against the level of Rateable Value should be considered. If successful, the Rateable Value applied to the property will be reduced and savings created from the latter the revaluation, or the date of occupation (after April 2017) until the next revaluation date (still to be announced). Changing circumstances such as disturbance from adjoining building works, a shopping centre extension, or road works all give opportunities for appeal.
Our partners will advise on the best strategies to pursue in order to create savings and, if required, will collect refunds from the charging authority for you upon any success.
What To Do Next
We would be happy, in conjunction with our partners, to undertake an initial investigation to see if your new rateable value is in keeping with other rateable properties in your area. Should we identify any opportunities for savings, we will report these to you and work to secure the savings on your behalf*.
*fees are applicable on the refund and reductions obtained
We add real value by
We had massive issues with our supplier but Business Savings Experts took on the account, sorted all the outstanding billing issues and then moved our gas and electric supplies to new suppliers and reduced our costs by over 22% and it didn’t cost us anything.
AK – Restaurant Owner