Rating Revaluation 2017
On 1st April 2017 all non-Domestic properties in England and Wales will receive a new Rateable Value (RV) which will apply to calculate the amount of their Business Rates payable from that date and for at least the next five years.
After rental, Business Rates is normally the second largest property based outgoing for a business and so it makes sense to keep this to a minimum and to ensure that you are not overpaying on your Business Rates. Kingston can assist in this matter by providing advice as to the correct level of your Rateable Value and to lodge an Appeal upon your behalf to challenge the level of the Rateable Value and obtaining a reduction.
We have provided a Rating Appeal service for our Clients on a nationwide basis for several years and have saved our Clients hundreds of thousands of pounds. Examples of our recent successes are as follows.
A Hairdressing Academy in Central Birmingham – a 25% reduction on the Rateable Value Assessment and resulting Rates liability producing savings of over £50,000 in Rates liability.
Industrial Manufacturing Premises in Burton on Trent – our Clients received a refund cheque in excess of £60,000 in respect of overpayments made as a result of a successful appeal against their Rateable Value.
A Retail Art Gallery in Central Nottingham – a 28% reduction in Rateable Value was obtained on Appeal and producing a saving to our Client in their Rates Bill of over £9,000 in each Rate Year.
The Government will base its Rateable Value calculations for 2017 on rental values as at 01 April 2015 and therefore the accuracy of the Rating List Assessment depends on how thorough and extensive the evidence is at that time.
As such, and as has occurred at previous revaluations, uncertainty or actual lack of suitable evidence can result in Rateable Values being set too high and there are frequent examples of this from previous Lists.
There is absolutely no reason why a similar situation will not occur for the next revaluation.
As such, it is imperative to have your Rateable Value checked by a professional advisor and we are very experienced in this field.
At this early stage it is also important that as much evidence as possible is amassed and that records are kept so that we are in a position to lodge an early Appeal upon your behalf so that we can hopefully obtain an early reduction in your Rates Bill, rather than having to join a lengthy queue once Appeals start to stack up in the system.
For this reason, we are gearing up for the next revaluation already and asking Clients to confirm instructions in order that we can be in a position to lodge our Appeals early and beat the rush! The alternative is that a business has to continue to bear the higher Rates liability until such time as the Appeal is resolved, at which time the reduction will be backdated and a credit is then granted. Often, however, the strain and burden of the high Rates Bill can be the reason for business difficulties and if this can avoided, this would seem to be highly desirable.
Finally, because of the Government’s delay in effecting the next revaluation from 2015 to 2017, many businesses have been overpaying Rates for an additional two years and the sooner that this position can be alleviated the better. If you would like advice on your Business Rates and for us to represent you in the next revaluation in 2017, then please complete the details in the form below.
For more information and an informal discussion, please contact our specialist Rating Department:
Paul Knighton BSc FRICS, Rating Director
Tel: 01543 414300