If you’ve just bought a new industrial unit, or you’ve been in the same one for years, ensure you’re not overpaying on your business rates.
As towns get larger and develop, so too do their industrial estates. You might have noticed those old estates evolve overtime all around you, or on your daily commute. There’s even a chance you’ve noticed new spaces opening up in estates you’ve had your eye on, and wondered what this could mean for the development of your business, and if now is the time to act.
But before you start making these changes, ask yourself; Are the business rates in order on my new property, and does my old property owe me a business rates rebate before I move on?
We have business owners come to us on a daily basis, in the exact same position, looking for expert help and advice. And for good reason! Over their lifetime, industrial units change how they are utilized, and how they are fitted out. Even a small change to the layout could lead to large savings on business rates. And if these changes occurred before you moved in, or if you made these changes during your time at the property without checking their effect on your business rates, these savings could be lost if you don’t take the proper action.
In order to better understand the changes to your properties fit and purpose, and how they affect your business rates bill both historically and moving forward, it’s important to conduct a thorough property assessment. This will help you to know your properties accurate square meterage, the price in business rates you pay per square for your property, and the price previous ratepayers have paid for the property.
This is a time-consuming process, and the knowledge required to do it right is extensive and niche. Getting something wrong at this stage could amount to bucket-loads of wasted time and energy. Or, even worse, your business rates could go up! And there’s nothing worse than a back-dated bill on your business rates, especially if you’re just about to move property!
You can save yourself the risk and headache, not to mention the time and energy by looking into employing professionals that specialise in winning substantial rates rebates and revaluation for businesses. Experienced, chartered surveyors will assess the property first to ensure your rates won’t go up and compile evidence to guarantee your rates are as low as they can be.
The modern business rates surveyor works on a commission-only basis, is regulated by the Royal Institute of Chartered Surveyors, and will come to your property to conduct an initial risk assessment, free of charge.
If you’d like a consultant to go through your property with you in finer detail, and work out if there might be a case, please contact CPA now through our office line where a member of our business development team will be happy to help.