94 High Street Wimbledon
Contacted client amid COVID-19 to offer support
Identified business rates saving opportunity
Applied to merge two separate ratings
Business Rates Savings Case Study - Peacock & Co. Solicitors
33
%
Reduction in rateable value
£72,628
Of savings to client over the 2017 Rating List
Challenge
The client’s property was situated on the ground floor and first, second and third floors of the same building, yet spanned two different rating assessments. One had a rateable value of £42,500pa, the other £31,750pa.
How we helped
Our business rates experts identified an opportunity to merge the ratings
This can be achieved when an occupier has two adjacent but connected units, or if they are located on multiple floors within the same property with an internal link like a stairwell
We submitted an application to the Council to merge the two rating assessments which was successful first time
Results
By proactively communicating with an existing contact, we created an opportunity to make a significant financial saving at a challenging economic time for the UK business community
Our work, delivered on a performance only basis, decreased the client’s rates bill due to Quantum (a process where the larger the area occupied, the less you pay)
Now merged, the law firm’s business rates liability has reduced by 33% to £49,750pa, saving £24,500pa
As a result, the client has saved £72,628 over the 2017 Rating List.
“Vail Williams were clear, concise and proactive. They made a proposal to merge our two separate ratings for our Wimbledon Village office. Their application to the Council was accepted first time, creating a saving of over £70,000 over the current valuation period, far more than we anticipated. Needless to say, we were very pleased!”
Charles Hylton-Potts, Partner, Peacock & Co. Solicitors.
Get in touch
If you think you may need similar support to that described here, or you would simply want to have an informal chat with a member of our team to discuss your property needs, get in touch.
