01480 213811

£1 MILLION RATES SAVINGS FOR LOCAL BUSINESS

Barford + Co, the St Neots based firm of Chartered Surveyors and Planning Consultants, has negotiated a reduction in the Rateable Value of the Wyboston Lakes Leisure, Training & Conference Centre from £1.614million to £1.225million leading to significant savings in business rates for the owners, local business, Wyboston Lakes Ltd.  The annual savings vary from year to year but are, on average, £150,000 pa which over the seven year life of the Rateable Value equates to a saving of over £1million.

Rateable Values, which are used to calculate business rates payable, are assessed by the Valuation Office.  In some cases the Rateable Value can be calculated incorrectly leading to businesses paying higher rates than they should.

This is not the first significant reduction in Rateable Value Barford + Co has achieved for Wyboston Lakes: Barford + Co have previously successfully appealed the 2005, 2000, 1995 and 1990 Rateable Values for Wyboston Lakes achieving significant savings on each occasion.

Julie Ireland, Finance Director & Company Secretary for Wyboston Lakes said: “These significant savings will be invested back into the business to support our ongoing programme of improvement.  The Rateable Value appeal was an extremely worthwhile process as not only have we been able to make financial savings but we also have the knowledge and reassurance that our business rates are being correctly calculated”.

Sheila Smyth, Director of Professional Services at Barford + Co, who conducted the appeal with jointly instructed agents Deloittes, said: “Barford + Co has worked with Wyboston Lakes for many years.  We recommended appealing the 2010 Rateable Value based on our longstanding knowledge and from dealing with previous Rateable Value appeals of the premises.  Barford + Co undertakes appeals of Rateable Values on a regular basis for a variety of clients, and in a large proportion of cases are able to make savings; but in the case of Wyboston Lakes this saving has been considerable.

Rateable Values can be incorrect for a number of reasons.  However, Rateable Values can go up as well as down on appeal, and there is no guarantee of success.  We therefore fully investigate a business’ Rateable Value before recommending an appeal to have a Rateable Value reduced.  As can be seen from this case, a successful Rateable Value appeal can have significant effects on a business”.

For more information on Rateable Value appeals please contact Sheila Smyth on telephone 01480 213811 or email ssmyth@barfords.co.uk

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