Business rates can be a significant burden on occupiers of business premises. on 1 April 2010 all commercial premises were revalued by the Valuation Office Agency of HMRC (VOA) with the intention of updating rateable values to reflect the rental value of the premises concerned as at 1 April 2008. Currently the VOA are revaluing all commercial property in order to update the rating list with effect from 1 April 2017 based on rental values as at 1 April 2015. If you would like to discuss a current or future rating assessment, contact Philip Manning FRICS (01273 321 123 or firstname.lastname@example.org) for a free initial consultation.
Business rates are one of the largest overheads in business. It is therefore in the interest of occupiers, wishing to minimise their outgoings, and landlords wishing to minimise any rate liability while a property is vacant and/or their tenants overheads once occupied, to ensure rating assessments are subjected to a professional appraisal and appealed when necessary. Similarly, if properties are altered, extended or the mode of occupation changes, then these can all affect the liability for business rates and a Rating Surveyor's advice can be invaluable in this regard.
Rating legislation and case law is complicated and the government's commitment to regular revaluations and the VOA's need to update their rental evidence accordingly, by issuing Forms of Return, means that your rating surveyor should be kept informed of any changes to your property, surroundings, or lease terms, in order to keep your rate liability under review.
Rating assessments are based on the rental value of the premises concerned and as Chartered Surveyors marketing and valuing commercial property in Brighton and Hove and the Sussex area, Graves Son & Pilcher are able to provide clients with the specialist advice and service required. At Graves Son & Pilcher we can also complete, on your behalf, VOA Forms of Return, advise on current rating assessments and likely changes if alterations to the property are proposed, submit appeals, negotiate with the VOA and, if agreement cannot be reached, present cases before the Valuation Tribunal.
If you would like to discuss any of the above please call Philip Manning FRICS today, who will be happy to have an initial complimentary discussion and advise you appropriately.