Local authorities are in the throes of issuing out their business rates demands which are landing on the desks of business owners across the UK.
The bills, or business rates demands as they are also known, cover the period 2024-25.
They have been calculated based on the rateable value (RV) of your building as it was on 1 April 2021, then multiplied by the Non-Domestic Rating Multipliers. These have been frozen at 0.499 for small properties (under £50,000RV) and the increased large multiplier is 0.546 (over £50,000RV).
In most cases, there will be occupiers receiving significantly elevated business rates bills compared with last year, especially as Transitional Relief starts to phase out.
It is therefore important not to take your rating bill as read, and check that you are not paying more than is due on this property tax.
Whilst the Valuation Office Agency (VOA), the organisation responsible for setting Rateable Values, is becoming more accurate with their valuations, mistakes can and do happen, resulting in often significant overpayment of business rates.
We understand that business rates is one of the most complicated taxes that you will pay, as a business. With this in mind, it can help to get professional advice to make sure you are only paying what is due.
Our expert team of business rates surveyors specialises in mitigation and recovery.
Not only can we check that your RV is correct, we can also challenge it on your behalf if we believe it to be wrong, through the ‘Check, Challenge, Appeal’ process, liaising with your charging authority to recover any overpayments.
We can also explore potential reliefs, exemptions or allowances available to you, and undertake an audit to ensure that historical overpayments are recovered, where possible.
If you would like to discuss the many and varied options for business rates mitigation, Vail Williams can help.
Contact our qualified business rates experts for support with your recent business rates demand now.
