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.
The Chancellor's mini-budget has been widely criticised for failing to energise the economy with innovative assistance to struggling businesses. In particular, a trick was missed with no attempt made to reform the Check, Challenge, Appeal process which confronts firms unhappy with their business rates. It cannot be right for appeals to be delayed for up to 18 months!
Commercial Property Advisors (CPA) has long campaigned for a streamlining of the three stage-appeal into one formal report, to expedite matters and offer greater transparency and speedier justice.
We also believe that small businesses are an important catalyst for any economic recovery, whether in the high street or the suburbs, retailing or manufacturing.
Current government arrangements are, of course, welcome. Properties with a rateable value of £12,000 or less are relieved of rates liabilities, and tapered relief is in place for firms with an RV of £12,001 to £15,000.
CPA thinks the Treasury should go further, with 100% rates relief for properties with a rateable value of up to £25,000. This would be a fairer response to the post-Covid difficulties which smaller businesses are experiencing.
2022 is a decisive year for the economy. If you suspect that your rates are too high, you will never have this confirmed by your billing authority, without a formal challenge.
Contact CPA, we can offer free professional help and support, all-inclusive, from initial consultation to challenge and appeal.