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 were re-assessed with the new figures effective from 1 April 2017. The Government has altered the appeal process with a new procedure called “Check, Challenge, Appeal” which introduces 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 assessments under the 2017 rating list.
The Chancellor announced in the Spring Statement 2018 that the next revaluation will be brought forward to 1 April 2021. Although we do not currently have details of this process we assume that the antecedent valuation date (AVD) will be 1 April 2019. Open market rental evidence in particular at or around the 1 April 2019 will be relevant and this information should be retained for the 2021 Rating Revaluation.
In line with the Autumn Budget 2018 the Rating List will then be revalued every three years from 1 April 2021.
Our 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.