Business rates are calculated based on a rental valuation of your property. This is called your Rateable Value and it is set by the Valuation Office Agency (VOA). The VOA is meant to be as accurate as possible in setting Rateable Values, but they can be wrong. We have teamed up with a provider, Six Forward, to help our clients confirm whether their business rates are right and whether they can make savings.
Did you know that business rate periods usually run for five years? The current period which started in 2010 was extended for two years due to the 2015 general election. This means that from 1 April 2017 the VOA will be updating the rateable value of all business properties.
You can no longer appeal the period 2010 to 2015 as this period is now closed by the VOA. You can however appeal your rates since the period started in 2015 to 2017 and now is the time to see if you are eligible for a rebate. Additionally, when the new ratings period begins in 2017 (your rateable value will be known by the end of November 2016) you will have to appeal again to make savings for the future.
The government is operating stealthily by not bringing the savings directly to the attention of landlords and tenants. Through Six Forward you can appeal your
business rates and benefit from:
- Six Forward will carry out a no obligation analysis to see whether your business has the possibility to claim. There is nothing to pay up-front.
- If Six Forward deems you eligible and you are happy to go forward, Six Forward will engage with the VOA as your agent.
- During the process you will be provided with regular updates in line with the new VOA: Check, Challenge and Appeal Process.
- Six Forward has an 85% success rate due to their relationship with VOA.
- With Six Forward you will not pay standing fees nor be tied in for long periods at no value to you. You will only pay a fee if a saving is made.
- Six Forward deliver a managed process to help reduce overheads and enhance profitability.
Barry Soraff at barry@raffingers.co.uk.
Further Information
To read more about this, the BBC has released a great article: 'What will the rates revaluation mean for UK businesses?', which you might find useful.