01480 213811

ST NEOTS FIRM SECURES SUBSTANTIAL TAX SAVING FOR BEDFORD BUSINESS

 

Bedford café Pavilion at the Park has seen its Rateable Value reduced by 40% and from April, its business rates bill reduced to nil, thanks to negotiation by St Neots commercial property and surveying practice Barford + Co.

This reduction for Pavilion at the Park comes at a time when small business rates are in the national spotlight, with Rateable Values set to rise on 1 April for shops in 791 villages, towns and cities in England and Wales, according to a recent report.

Sheila Smyth is Director of Professional Services at Barford + Co, and led the negotiation with the Valuation Office, an executive agency sponsored by HM Revenue & Customs, to reduce the Pavilion’s Rateable Value.

She said: “When the Pavilion tendered for the lease of the premises around three years ago, HMRC’s Valuation Office deemed the facilities ‘ancillary to the park’ and so there was no Rateable Value. Unfortunately, and to the surprise of the Pavilion’s owner, the Valuation Office recently sent a backdated bill for the period the premises had been operating as a café.

“Following negotiation with the Valuation Office, we are delighted to have been able to bring about a significant reduction in the Pavilion’s rates bill.

“Rateable values have a meaningful impact on small businesses, with increases having the potential to put the future of a firm into question. We would therefore encourage all businesses, small or large, which are concerned about their business rates and any possible increases in April, to seek advice on their current situation.”

Emma Garrett, Director of The Pavilion Trading Company said: “Being a small business owner is incredibly rewarding but it is also incredibly hard-work! Our customers are extremely supportive and are delighted to see what we have achieved in the short time we have been open. They see how busy we are and are always commenting; 'it's great to see you doing so well'.

“What they don't see is the potentially crippling bills - VAT, electricity, rent, staffing, rates it goes on and on. The work Barford + Co has done has made an enormous difference to our business and our future - we cannot recommend them highly enough.”

As well as reducing the Rateable Value for the Pavilion, Barford + Co’s intervention also succeeded in securing Small Business Rates Relief and 100% Business Rates Relief from April 2017.

Businesses can find out more about rates on www.gov.uk in the business and self employed section. To speak to Barford + Co about Rateable Values and whether your business might be eligible for a rates reduction, please call 01480 213811.

To find out more about Pavilion at the Park, please visit www.pavilion.attheparkbedford.co.uk or call 01234 351104.

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