Rating Revaluation 201006 March 2019
Written by James & George Collie
Are you facing a substantial increase of your Business Rates? Many of us will be as a result of this year’s Rating Revaluation.
Business or “Non-Domestic” Rates are an annual charge payable to the Local Authority based on a property’s Rateable Value multiplied by the Uniform Business Rate. Every 5 years the Local Authority Assessor’s Department carry out a revaluation to ensure that Rateable Values keep up with changes in property values.
Owners, Tenants and other occupiers will be receiving their Revaluation Notices over the next few weeks. These valuations will be based on the value of your premises as at 1st April 2008. Significantly this date precedes the worst of the impact of the credit crunch and the recession and as a result the revaluation may come as a nasty shock. The values will not reflect any of the recent downturn in property markets. There will be no phasing in of the increase this year.
The good news is that you can Appeal your Revaluation Notice. This has to be done within 6 months of the issue date of your Notice.
How can we help?
We can put you in touch with specialists who can advise on and handle the Appeal process on your behalf. Expert knowledge and evidence is required for a successful appeal.
Advice and guidance can also be given on potential savings as a result of vacancies, renovation works and changes of circumstances.
For more information – please contact us through the online contact form.