Commercial Property Advisors (CPA) welcomes the announcement that the revaluation of business rates has been postponed until April 1st, 2023.
This means that business' rates will be based on 2021, rather than 2019 rental values, more accurately reflecting the hit they will have taken, post-Covid-19.
In addition, CPA detects a golden opportunity for firms to make serious savings by using the delay in revaluation to appeal their present rates bills which, based on rental values, as of April2015, are now looking seriously out of step with subsequent changes in trading.
Successful appeals will now generate savings of up to six years, amounting in most cases to several thousands of pounds, and placing revised rates on a sounder footing, come 2023.
The blunt instrument of business rates has built many anomalies into business overheads. The delay in the revaluation will perpetuate this injustice if firms do nothing to be identified, rectified and financially compensated by professionally composed appeals.