Business rates form a large part of the occupation costs of commercial property. Because these are based on periodic revaluations, rental values can sometimes fall quite significantly within the lifetime of the Valuation Lists, creating an even greater burden.
The rateable values of some 1.94 million non-domestic properties in England and Wales have now been re-assessed, with the new figures effective from 1 April 2017 and to run for five years. These were notified to ratepayers during October 2016.
The following should be undertaken now in order to ensure that the 2017 Rating List rate liabilities are correct.
- Review the current rating assessment
- Review the effect of any material change in circumstance (MCC) such as building and road works, opening of new shops / shopping centre, disruption to services and neighbourhood changes
- Review all correspondence and notices from the Valuation Office Agency (VOA) and Billing Authority (Local Council)
In addition, the Government is proposing to alter the appeal process with a new procedure called “Check, Challenge, Appeal” which will bring new rights, time limits and costs to appeals.
Along with our consultant rating surveyor we provide a comprehensive Business Rates service including review, advice, projections, appeals and Form of Return completion. We have accumulated considerable rental evidence through Mass & Co with which to challenge new assessments under the 2017 rating list.
Our consultant surveyors have many years’ experience and a successful track record dealing with rating appeals. For an initial discussion on business rates, please contact Christopher Stewart BSc FRICS or Mark Burton BSc FRICS.