In times when the cost of doing business continues to rise, what if your fourth highest overhead was an oversight that’s not your fault, and needing correction?
This is your business rates liability. Due to antiquated valuations and a constantly changing playing field, most businesses could have been paying hundreds if not thousands of pounds more than they should every month. The current rateable period began in 2017, meaning if you're a business owner, you could have been overpaying on business rates bills for nearly six years.
This is the case for many businesses across the UK, but there is some good news. A robust, evidence-based deep dive into your business rates can not only beneficially adjust your bill moving forward, but can yield a reimbursement of everything you've overpaid, backdated to the start of the rating period (or the date when you’ve moved in, whichever comes first).
Such oversights happen often, mostly due to a flawed rating system. But an effective Business rates agent can mitigate these changes on your behalf. Here’s all you need to know.
Your rateable value:
The rateable value (RV) on non-domestic properties is calculated by the Valuation Office Agency (VOA). Its estimate is based on open market rent, size, and usage of the property. RV is then evaluated in line with each new rateable period, rating list.
You can find your property's RV on your rates bill, or on the VOA Rating List, where the RVs for every liable premises in the UK can be found.
How your liability is calculated:
Your RV is multiplied by the Uniform Business Rate (UBR) factor. This changes annually and can also change from place to place but is usually around 50p in the pound (the exact figure should be present on your bill).
To calculate your liability, you need to identify your specific UBR and multiply it by your business’ RV. This is done before any additional relief is applied to your bill.
Why might I be overpaying?
Your rateable value is based on an estimate, taken from the previous (2015) rating period. Needless to say, these figures are often overestimated and out-of-date.
Open market rent fluctuates with the economy and is subject to its peer-review. It also doesn’t account for any spatial, structural or usage changes your property may have gone through in the past seven years. VOA estimates do not take into account the unique features of your property that have a direct impact on business rates liability, or changes to the RV of properties similar to yours.
What we do:
Using comparable evidence from over two-million properties, we’re able to conduct a multidimensional analysis of your business rates, on average identifying three unique outliers which could result in a reduction.
Our team is experienced in every area of the industry and we risk-assess every appeal to guarantee its viability. Once we’ve agreed to move forward, your dedicated account manager will actively respond to your local council and the VOA on any prospective revisions to your liability.
Our fee is based on a performance-driven structure, with no upfront costs, and no charge whatsoever on an unsuccessful appeal.
To discuss your case, please feel free to contact us for a no obligation, completely free consultation either remotely or at your business premises.
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