Opportunities to reduce your rates liability

In April 2017, the current Rating List was introduced, which brought with it a brand new online appeal system known as Check, Challenge, Appeal (or CCA for short).

It has been widely reported that the number of appeals made against business rates has plummeted since the new system was put in place, which has been put down to the new process being even more time consuming and onerous than before.

Information revealed under the Freedom of Information Act suggests that the number of appeals in the first 12 months of the current Rating List have fallen by some 90 per cent in comparison with the first 12 months of the previous Rating List.

While it is still possible to successfully appeal an excessive assessment in the 2017 Rating List, there are growing opportunities to generate savings through other means:

Appeals for RV £0 – where a property is being redeveloped, or substantially refurbished, there may be an opportunity to appeal for a nominal Rateable Value (i.e. RV £0). A successful appeal will create additional savings by reducing the RV to £0 from the date the works commenced. The new assessment(s) can then only enter the Rating List under certain circumstances – when occupied or a valid Completion Notice is served. Additionally, when the new assessment(s) do enter the Rating List, they will be eligible for an initial three/six month exemption from Empty Property Rates.Empty Property Rates – if you are paying Empty Property Rates, there are various mitigation schemes available that can reduce your liability by 65 per cent to 95 per cent. There is no ‘one size fits all’ solution, and a bespoke strategy should be put in place that maximises savings, is robust, and does not impact on marketing/potential tenants.

Flude Commercial offers a comprehensive Rating Service, as well as a complementary initial review of your property or portfolio; identifying opportunities for savings and highlighting potential risks.

For an informal consultation, contact Business Rates Specialist Daniel Green on 01243 819000, email: [email protected] or visit www.flude.com