Founded in 1999, CVS Business Rates has become the UK’s leading business rent and rates specialists. Operating nationally from its three offices in Manchester, London and Bristol, CVS has to date, saved over £700Million in business rates and rent reductions for its clients throughout the UK.
Business rates, or non-domestic rates, are a tax on business or other organisations occupying commercial property. Business rates is an annual charge made payable for the services provided by the local authority and emergency services. How much a business pays annually depends entirely on the Rateable Value of the property, periodically assessed by the Valuation Office Agency (VOA).
Business rates are calculated against the Rateable Value, which represents the rental value of a property, at around 43 – 45% of the Rateable Value. Business rates are therefore one of the largest overheads any organisation will have to pay.
The 2017 Revaluation
It is just a matter of weeks since the VOA adjusted the Rateable Values of every business property in England and Wales to reflect changes in the property market. The new Rateable Value will be used to determine the basis of the tax calculation for rates next April and for the next 5 years.
The revaluation of business properties usually happens every 5 years but was controversially delayed by 2 years as a result of the economic downturn. The last revaluation came into effect on 1st April 2010 based on the property market as long ago as 1st April 2008.
Those whose properties have performed better than their peers – by dint of the quality of their property, location or business sector – since the previous revaluation can expect to see their bills rise. Equally, those whose properties have underperformed can expect to see their bills fall.
The Revaluation will create ‘winners’- like Heathrow Airport which is currently enjoying a reportedly controversial reduced Rateable Value – as well as ‘losers’ like Leicester City Football Club, whose rates will rise because of, amongst other factors, investment into the stadium.
Accuracy is king
The most efficient way to ensure that your new rates bill is as accurate as it should be for your individual property is to review the ‘Check. Challenge. Appeal.’ process, also known as CCA.
This is a new, Government-led process and it is understood that the CCA process will create barriers such as fees, fines for incorrectly submitted information and various technical requirements. This new process could disincentivise businesses to want to fully understand their individual rates bills.
Ensuring that a business is paying accurate and fair rates is entirely the individual ratepayers responsibility, but it’s important to remember, however, that with professional support from a RICS-regulated rating agent, it is possible to navigate this system and secure a fairer deal.
National coverage, local knowledge
CVS surveyors are based across the whole of the UK, with an unrivalled knowledge of both the rates and rent commercial marketplace.
CVS surveyors have, in the past 16 years, acted on behalf of business such as Ascot, GoApe, Argos, Holiday Inn Express, Sony and the NHS, to name a few.
Time is of the essence
With only 137 days until the latest Revalution comes into play, CVS is encouraging businesses throughout the UK to act now.
In April 2017, every commercial business will receive it’s annual rates payable bill which it will have to pay until 2022. Businesses can find out, ahead of time, what that amount will be and how they can first and foremost, Check to see if this is accurate and fair to their individual business.