Draft Business Rates list now available
Posted on in Business News , Cycles News , Creative News, Outdoor News
Thousands of firms are about to see "the largest change in a generation" to the amount they pay in business rates.
Companies in England and Wales are now able to find out later what their business rates bill is likely to be for the next five years. The Valuation Office Agency (VOA) have published the new draft rating list, which provides all businesses with a revised rateable value for April 2017. You can use the VOA website to check draft rateable values here.
London and parts of the south east face the biggest increase, but will also receive the biggest cushion from a planned transitional period.
Firms in the north of England are set to benefit from lower valuations, but will see their bills fall gradually.
An initial assessment, based on the Government's high level figures, suggests that the retail sector as a whole will see rateable values increase by an average of 4.7%
According to John Webber from commercial real estate company Colliers International, the revaluations will be "the largest changes to business rates in a generation".
Retailers also need to take into consideration the changes to the business rates relief schemes introduced at the last Budget and the transitional rate relief scheme. Any business with a rateable value below £12,000 will pay no rates, businesses with a rateable value between £12,000 and £15,000 will received tapered relief and businesses with a rateable value of up to £51,000 can use the small business rates multiplier.
Businesses now have 6 months to prepare for any changes to their rates or start an appeal before the new rates actually came into force.
ActSmart
have partnered with RatesRecovery a leading business rates appeal
company, to help businesses stay on top of their rates.
Simply upload your current rates bill to RatesRecovery via the RatesCheck site and RatesRecovery will automatically inform you of your new valuation once the new rates are published, so you won't have to visit the site and check.
By uploading your rates bill before 30th September RatesRecovery will also inform you if you are due a rebate for any overpaid rates for the last few years.
ActSmart subscribers have already started to receive thousands of pounds in rebates, simply by uploading their rates bill.
"Last year on the recommendation of the ActSmart we accepted an offer from RatesRecovery to review are current status with Manchester City Council.
"We were very pleased with the overall result saving over £3000. They managed to get the rebate back dated five years.
"Mr O‘Neill and his team were prompt, professional and very successful in securing us a rebate. We have, over numerous years, been approached by company's offering a similar service but to no avail.
"In this economic climate when every penny matters, I would strongly recommend their services."
Sean McAdam (Manager Ken Fosters Cycles, Manchester)