Peter Foley is our resident guru here at CPA, and has been passionately following the shifting world of business rates for many years. With a keen political insight, Peter’s writing reveals how policy change is key to understanding your business rates further, and how this could translate into substantial savings. In his weekly column, Peter also outlines a desired path forward, with changes we’d like to see implemented for a fairer system on the nation's business rates.
We have all been hearing about the financial challenges faced by local councils, with many unable to provide essential services and settle equal pay claims. While we understand the importance of supporting those in need, we must also acknowledge that the revenue generated from business rates is under immense strain. It is no longer the reliable source of income it once was, and current discounts are likely to be discontinued soon.
This unfortunate reality has prompted experts to predict even higher commercial rates in the near future. For instance, pubs and restaurants could face a staggering £12,000 increase in their bills, putting significant pressure on their prices. Thankfully, ratepayers do have an option to appeal their current rateable value, potentially reducing their bill come April 2024.
At Commercial Property Advisors (CPA), we are here to help businesses navigate the complexities of business rates. We invite companies to engage in a detailed, no-obligation discussion with our team. Should a decision be made to challenge your rates, our team of RICS-regulated surveyors will conduct a thorough inspection of your property, making statistical comparisons with similar sites in your area. This level of forensic detail is necessary for a successful appeal, as recognized by the Valuation Office Authority.
The financial savings achieved through revaluation can be significant and long-lasting, unlike temporary discounts. Furthermore, our costs are limited to a commission agreed upon with the client in advance.
If you require further assistance or advice, please don't hesitate to contact CPA. We are here to help your business navigate the complexities of business rates with our expertise and experience. Let us ease your burden. Reach out to CPA today.