Business rates revaluation
Problems caused by the upcoming Business Rates Revaluation, which takes effect from April 2017, were partially addressed by the Chancellor in the Spring Budget, but a large number of businesses will still see significant increases in their bills. You can read more here
The Revaluation will also mean the end of the current rating list which means that any appeal in respect of the current rating assessment must be made before 31st March 2017.
Time limited opportunity to claim a Business Rates refund
The 31 March 2017 cut-off date may impact those property owners who are currently renovating, refurbishing or redeveloping property. A recent judgement at the Supreme Court means that properties undergoing reconstruction works should not be subject to empty business rates. However, unless a proposal is made to reduce the Rateable Value before 1st April 2017 no reduction will be possible prior to that date. You can read more about the judgement here
If you currently have property being renovated, refurbished or redeveloped, speak to the Business Rates team now to ensure you don’t miss out on the opportunity to reduce your costs.
Please speak to the business rates team straight away, if you are;
- building a property
- planning to demolish an empty building
- or have an empty site considered to be of no economic value
Additional opportunities for occupiers
If you can relate to any of the below issues, speak to the Business Rates team to discuss the opportunities for savings;
- under-utilised space
- restructuring or rationalising space
- relocating, or planning to relocate
We can offer a Rates Health Check, costing no more than £1,500 for the initial check and, in many cases, we can agree a contingent fee in respect of any additional savings realised.
Please contact a member of our team if you would like to discuss your specific circumstances further; Phil Vernon, Helen White or Stuart Botham