I’ve said it before in previous blogs, but I’ll say it again! Business rates really isn’t that sexy a subject, and can be a complex area to get your head around – especially when trying to concentrate on a whole host of other business priorities too.
I’ve said it before in previous blogs, but I’ll say it again! Business rates really isn’t that sexy a subject, and can be a complex area to get your head around – especially when trying to concentrate on a whole host of other business priorities too.
That’s why our expert business rates team is on hand – to help you understand your business rates bill, and more importantly, to help you make the most of any business rate reliefs that might be available to you.
First things first, did you know two different governmental bodies are involved in setting your business rates?
Your local council, or ‘charging authority’ is actually a collection agency. They’re the ones that send out your business rate bill but interestingly, they have no involvement in setting your rateable value.
Their job is simply to rake in the tax; they don’t care if your rates are £1 or £1 million. It’s all about the money!
Whereas, the Valuation Office Agency (VOA) sets your ‘rateable value’ or RV and their ‘valuation’ tells the charging authority how much rates you’ll pay in the end.
But the VOA, and this is the important bit, has no interest in discussing the liability you wind up paying – they only care about the valuation.
What is this RV that is so important to the process?
Well, whether you have freehold or leasehold premises, an RV is basically a rental valuation showing – how much rent your property was notionally worth two years before the start of each revaluation.
For Revaluation 2017, the key rental valuation date is the 1st April 2015 and that’s why the VOA may have written to you, especially if you had a rent review or lease renewal at one point in 2015.
So as you can see, it is a somewhat disjointed process and with Revaluation 2017 on the horizon, it’s important that your RV is calculated correctly from the get go! If you think it isn’t then we can ‘Check, Challenge, and Appeal’ the RV and get it changed.
Whilst nothing much can happen in the short term until the autumn when the draft RV list is published, by instructing us now, you can be one of the first to get their rates checked by professionals – and get it corrected if it’s wrong.
For further information, call our business rates team for a ‘no obligation’ meeting.
What if you’re exempt or can claim business rate reliefs?
We all know that the government is very good at telling us what we owe – especially when it comes to tax. But often the communications about what we’re entitled to claim back get lost in the small print somewhere along the way! So let us give you a helping a hand.
Did you know, for example, that there are over 10 different instances, aside from challenging your RV, in which you can claim a business rate relief?
Well there are! And our team of expert business rates advisers can look into whether or not you are eligible to claim a certain rate relief, to ensure that you don’t end up paying over the odds.
Here are just some of the reliefs, exemptions and allowances which you might be entitled to claim:
• Empty rates relief
• Enterprise zone relief
• Adjacent building works allowance
• Adjacent road works allowance
• Commercial buildings catering for people with learning disabilities
• SBBR (small business rate relief)
• Listed buildings that are empty
• Charitable relief
• Discretionary rate relief
• Reoccupation relief
• New build empty property relief
• Exemptions for unoccupied empty properties below £2,600
With so many different potential ways of mitigating your business rates, it can be hard to see the wood for the trees, but our team of advisers is here to help.
To find out whether you are eligible for any of the above, don’t hesitate to contact us and we will be happy to help to take away your business rates pain.
