The cost of temporary relief for businesses impacted by the pandemic has been estimated by KPMG to be £6.8 bn. Additionally, KPMG warns that HMRC's report on business rates has been delayed- yet again.
What does this mean for business rates in the immediate future?
The move from full exemption from rates to a one-third taper, indicates government's determination to replace subsidies with a steady return to "business as usual" for HMRC's tax-gatherers.
Commercial Property Advisors (CPA), consultants for challenging business rates, has long warned firms not to rely on government largesse at a time when it is desperate to restore tax revenues, business rates being the easiest and most profitable target for attention.
CPA is currently enjoying success in challenging rates bills, meaning rich rewards for its wide variety of clients.
What are the advantages of commissioning a specialist service , for firms seeking to reduce their rates?
Principally, reputable specialists should employ surveyors for up to the minute evidence-based arguments, while Personal Advisors, working from sophisticated market data, should be well-versed in the correct (and occasionally complex) language of appeals.
CPA recommends that firms should seek out consultants who operate on a no win no fee basis, and whose rates of commission are competitive and transparent.
In this way, unnecessary worry is avoided, as specialists take responsibility for a successful challenge, and a more bankable prospect of rebates and revaluation than just relying on government policy.