The long-awaited revaluation of Business Rates has prompted a warning from a specialist in reducing liabilities.
Adrian Smith Rating (ASR) says businesses should prepare now for publication in September of the draft 2017 Rateable Values – when they should consider how to budget and whether to challenge.
Adrian, who founded the company and has more than 40 years’ experience advising on rates issues in the public and private sectors, said the delay in making the changes means some businesses may not be aware of the implications.
He said: “Revaluation of Business Rates usually comes around every five years, but even though the last one was back in 2010 the next will not be until April 1 next year.
“Despite the date, business owners can be sure this will be no joke. Many significant economic events have occurred since the last revaluation and they could have a major impact when it comes to assessing a fair rateable value.”
The Valuation Office Agency have completed the 2017 Rateable Values (RVs) for non-domestic properties in England and Wales based on rental values at April 1 last year. The Department for Community and Local Government is currently reviewing the Rateable Value data and undertaking statistical analysis, and the new RVs will be published in September.
Adrian said: “If you pay business rates then this process will mean they will almost certainly change. They could go up or down and the change could be substantial. They will certainly influence business budget decisions and they may warrant an appeal, particularly if errors have been made, so we are offering a free initial consultation to help business owners understand how they will be affected by the changes.”