We hear a great deal about Business Rates being a heavy burden on high street and a factor in the decline of the UK high street. Yet, it is not just high street businesses that find this particular tax burdensome, businesses across the board are complaining about the amount of tax levied by their local councils.
During this current crisis when businesses are counting every penny, business owners really should investigate whether or not they are paying too much. If you don’t look into this yourself, unfortunately you won’t be informed as the local authority would gladly take the overpayments to incorporate in their budgets.
Whether you’re a high street business or a small business in a village your time would not be wasted by looking into these rates and speaking to a specialist who can advise if you are being charged too much.
You have nothing to lose with possible savings, a rebate, and transitional relief to gain.
With many cases, it is often found that the rateable value estimated on your premises is too high, this will be examined by a registered fully qualified surveyor to determine whether this valuation is fair. If necessary, and the rateable value incorrect this will be appealed with the valuation office on your behalf. Are you aware of the reliefs and discounts you could be getting? If not, another reason why you should delve a little deeper into the business rates world.
Due to the current pandemic, a lot of businesses have suffered greatly from financial loss and uncertainty. Some have even closed their doors for good. All that time, effort and hard work of previous years has come to nothing. You may or may not be aware that the Government has made some major financial help available for small businesses that are under the £51000 rateable value bracket, but, as per usual this not easily accessible and can be a painful and lengthy process, not to mention stressful. Be mindful of what you are entitled to, and make use of it. It’s there to help inject the life back into our country.
Let’s talk figures, the juicy little detail that everyone wants to know.
Whilst all cases are different, if you are deemed to be overpaying, you will get this changed. As mentioned previously in the form of a rebate and or savings in the next rating period. Average savings could be a potential of 10 -15 % on the current rateable value.
Let’s take a client from Westminster for example, the owner of a high end furniture store who was forced to close his doors due to the pandemic. As the business was “non-essential” this business owner could not trade until given the nod…but all the rates and bills still had to be paid. Fortunately, this business owner got in touch to see what help he could get, to see if he could keep his business ticking over until customers were allowed to walk through the doors again.
Upon inspection by a surveyor it was found that this small business in a very expensive area was being drastically overcharged. A survey was carried out, a challenge submitted to the valuation office with facts and statements and an appeal started. With a lot of knowledge and understanding in this field the surveyor and his team were able to get the valuation office to admit defeat resulting in a huge saving. The rateable value started at a massive £53500, and dropped to £31500. This overpayment was given back to the business owner, a large rebate awarded and a great saving on the next rating period. In even better news, the rateable value is now under the £51000 threshold. What did this mean? Entitlement to the Government Grant of £25000.
Add up all those figures and see why this business owner is now no longer under threat of losing what he has worked so hard for. And all he did was pick up the phone. A fifteen minute chat turned into a business saving result.
Previous
Next