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.
Hidden in the small print of the 2021 Budget is the investment of £180 million in "additional resources and new technology", designed specifically to bring in over £1.6 billion of extra tax revenues before 2025/26.
Does this mean that the Valuation Office is investing in high-grade tech "weaponry" to defend itself from challenges to its decisions?
There certainly seems to be a gulf between the government's rhetoric on a "fundamental review" of business rates and the reality we can see in the budget reports. This certainly indicates that hopes of a radical overhaul of the business rates system may be misplaced.
But where does this leave the business ratepayer?
Now more than ever, appeals need to be made individually to the rating authority, employing sophisticated data at least as good as that of the Valuation Office. Comparisons with other similar businesses in the area need to be forensically accurate and legally persuasive.
This "weaponising" of data is something we're fully prepared for. Our RICS- regulated surveyors are ready to comb through properties in fine detail and compile effective challenges to the billing authority.
If you'd like to know more please get in touch.