Peter Foley is our resident guru here at CPA and has been passionately following the shifting world of business rates for many years. With 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 the desired path forward, with changes we’d like to see implemented for a fairer system for the nation's business rates.
The good news for businesses in the retail, hospitality and leisure sectors is that you could save 50% on your rates bill for the current financial year. However, we should assume full business rates will be payable from 2023-to 24. And remember: the 50% rate cut is capped at £110,000, which precludes firms with a large rental value.
Businesses outside this sector won't see a dramatic change in their business rates. And the freezing of the "multiplier" means meagre savings for many firms.
Although firms in Scotland, Northern Ireland and Wales have their rates set separately, changes tend to follow UK patterns.
Commercial Property Advisors (CPA) recommends that businesses seeking to make serious savings on their business rates should consider a "root and branch" examination of their rates, challenging via a detailed surveyor's report the official valuation on which their bills are based.
Increasingly, the challenge is beyond the ken of the average bill-payer, which is why CPA's free services are so welcome.
With five- and six-figure sums often recoverable from the billing authority, it only takes a call to CPA's team of experienced professionals to get the ball rolling.