01480 213811

Business Rates - Assessments and Appeals

WHY BARFORD + CO?

Experience Expertise and Local Knowledge

Barford + Co is perfectly placed to assist in advising you on rateable values. Our experience in negotiating reductions in rateable values for local businesses for over 35 years, together with our in-depth knowledge of the local property market will ensure that he 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 which you will pay is calculated by multiplying the Rateable Value by the uniform business rate which is set on an annual basis by the Government. The uniform business rate in the pound for 2011/2012 is 42.6p/£ under £17,999 and 43.3p/£ over £18,000.

The Rating Lists

The latest Rating Lists were published in 2010 and are available for inspection at the Valuation Office Agency website (link). The new charges were effective from 1st April 2010. The Rateable Value of your business premises is 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 will 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%. In one case we saved a Huntingdon based plc client nearly £300,000 over a 5 year 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 firsthand 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 still 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.

For more information on business rates, please contact Sheila Smyth on 01480 213811 or email Sheila at ssmyth@barfords.co.uk

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Royal Institution of Chartered Surveyors


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