Peter Foley is our resident guru here at CPA, and has been passionately following the shifting world of business rates for many years. With a keen political insight, Peter’s writing reveals how policy change is key to understanding your business rates further, and how this could translate into substantial savings. In his weekly column, Peter also outlines a desired path forward, with changes we’d like to see implemented for a fairer system on the nation's business rates.
In the rush to find suitable high-tech workspaces and make significant investments, it's easy to overlook the age-old financial burden of business rates. While it may sound dull and mundane in a world of rapid scientific change and intense international rivalry, business rates have a significant impact on local authorities desperately searching for cash.
In the second quarter of 2023, Knight Frank reported a 38% increase in funding for life sciences, totaling £1.3 billion. Investors are looking beyond the famed "golden triangle" as demand continues to outstrip supply.
At Commercial Property Advisors (CPA), we share with the life sciences industry a reliance on empirical data when considering the case for a formal challenge to business rates that may seem disproportionately high. This is becoming increasingly important as the Valuation Office recognizes its function as a valuable generator of revenue for cash-strapped public services. Once CPA's physical survey and data capture indicate a potential case for challenging rates, we swiftly move towards a formal challenge, which can release substantial funds for our clients.
And the best part? The cost is solely results-based and agreed upon in advance with our clients. So there's nothing to worry about, but much to gain. QED.
If you're navigating the complexities of business rates and feeling the burden, CPA is here to help. Our team of RICS-regulated surveyors offers a forensically researched approach to challenging rates, with a track record of winning substantial revaluations for businesses nationwide. With CPA, there are no upfront costs—just a fair commission on successful challenges. Your business rates matter, and we're here to offer expert guidance and assistance. Reach out to CPA today