01480 213811

BUSINESS RATES - ASSESSMENTS AND APPEALS

Are you overpaying?

Thousands of small businesses in the UK are.

There are two main reasons.  Either the Rateable Value (against which business rates are charged) is too high; or, businesses are not claiming Small Business Rate Relief.

Small Business Rate Relief

Small business rate relief is available to any business that uses only one property; if that property’s Rateable Value is less than £12,000.  However, small business rate relief is only deducted if the rate payer requests it.

Help is also available if a business has adjoining properties, or two separate locations where one of the properties has a Rateable Value of less than £2,600 per annum.

Rateable Values

Rateable Values were last assessed by the Valuation Office with effect from 1st April 2008.  However, these assessments are not always correct; and it is not too late to appeal.

WHY BARFORD + CO?

EXPERIENCE, EXPERTISE AND LOCAL KNOWLEDGE

Barford + Co is perfectly placed to assist.  Our experience in negotiating reductions in Rateable Values for local businesses for over 40 years, together with our in-depth knowledge of the local property market will ensure the correct Rateable Value for your property is established.

YOUR BUSINESS RATE CALCULATION

The Rateable Value for a business property is calculated by reference to the equivalent rental value at the antecedent valuation date i.e. 1st April 2008 for the current rating list.  The business rates paid are calculated by multiplying the Rateable Value by the uniform business rate multiplier which is set on an annual basis by the Government.  The current uniform business rate in the pound for 2015/2016 is 48.0p if the Rateable Value is under £18,000; and 49.3p if the Rateable Value is £18,000 or over.

THE RATING LIST

The latest Rating List was published in 2010 and is available online at the Valuation Office Agency website www.2010.voa.gov.uk   The Rateable Values were effective from 1st April 2010 and are calculated by reference to the rental value of the property at the 1st April 2008.  There are various factors which are taken into account when converting the rental value into the equivalent Rateable Value.

IS YOUR RATEABLE VALUE CORRECT?

The Rateable Value attached to your property could be incorrectly calculated for a variety of reasons.  Sometimes it is simply due to the fact that the Valuation Office has adopted the wrong floor area – old plans are often used.  Also the Valuation Office has to re-assess hundreds of thousands of commercial properties in a short period of time.  The scale of the exercise means that errors inevitably arise.  If you think your Rateable Value is too high, we can make an appeal on your behalf to the Valuation Office.

PROSPECTS OF SUCCESS

We have secured reductions in Rateable Values by as much as 60%.  Recently, we saved local company Wyboston Lakes Ltd in excess of £1million over the current list period.  Barford + Co will fully investigate a Rateable Value before recommending an appeal is lodged.  This will ensure your Rateable Value does not increase yet further, and that the appeal is cost effective.  We work on a performance-related basis.

THE IMPORTANCE OF LOCAL KNOWLEDGE

Rental values are primarily assessed by reference to comparable transactions.  Our depth of local knowledge and first-hand experience of market conditions is essential to ensure the correct and optimum outcome is achieved on your behalf.

BEWARE

Beware of so called rating experts who do not have the necessary local knowledge and may disappear before an appeal is concluded.  Some of these companies will ask for up-front payment and guarantee reductions.  Nothing is guaranteed.  We will provide you with an honest and realistic assessment of the scope for savings on your rates.

TIMESCALE FOR RATING APPEAL

As regards timescales for making an appeal, it is not too late to make an appeal against your 2010 assessment.  Do not delay – contact Barford + Co immediately to arrange an initial appraisal of your Rateable Value.

CASE STUDIES

Cromwell Road, St Neots– Barford + Co secured a reduction in the Rateable Value of industrial premises on Cromwell Road of over £30,000.

Wyboston Lakes - Barford + Co secured a reduction in the Rateable Value of £389,000 leading to savings in business rates of over £1million.

Station Road, St Neots– as a result of a successful rating appeal by Barford + Co, the Rateable Value of industrial premises was reduced by £150,000.

For more information on business rates, please contact Martin Olley on telephone 01480 213811 or email Martin at molley@barfords.co.uk

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