"A shock to the system," is how David Tanswell, MD of Commercial Property Advisors (CPA), encapsulates the forthcoming annual reporting of business data to authorities. Starting from 2023, a new 'Duty to Notify' provision is being rolled out, making it incumbent upon ratepayers to inform the Valuation Office Agency (VOA) about any modifications to their premises that might influence its valuation and consequently, their business rates liability.
Coupled with their existing annual information return, this new legislation could bring about substantial changes to the way we handle business data reporting.
Echoes from Scotland, the 'canary in the cage’ for annual compliance, suggest that hefty penalties may await companies with overdue data returns. But fear not - Commercial Property Advisors (CPA) is here to help guide you through this challenging transition.
Though the latest Budget may seem to portray a wave of benevolence from the Treasury with the freezing of the multiplier, it is merely a temporary stopgap. Now, more than ever, it's crucial to ensure your company's funds are well-protected.
Avoid the unnecessary burden and risk of hefty fines - reach out to us at Commercial Property Advisors (CPA) for friendly, expert advice on navigating these new reporting requirements. We're here to support you every step of the way.