Business Rates Advice

NG Chartered Surveyors’ business rates advice service can help you to review and challenge your commercial property rateable value if it has been incorrectly calculated. Businesses NEED TO ACT NOW to challenge their business rates.

How are Business Rates Calculated?

Business rates are calculated based on the rateable value of commercial property. There have been numerous changes to the UK business rating system over recent years, and this has resulted in more business challenging their rates liability. If the Valuation Office Agency (VOA) has incorrectly calculated rateable values, in some instances it can put a business under unfair financial pressure.

Business Rates Appeals Process Has Changed

The Valuation Agency Office have made it quite clear that the introduction of the new three stage process “Check, Challenge, Appeal” is an attempt to reduce the number of appeals. It is more complex for unrepresented ratepayers to challenge their 2017 rating assessments.

What Do You Need to Do?

NG Chartered Surveyors’ rating specialist provides you with a list of five things you need to be doing in light of these changes.

1. Complete the Online Request for Rent and Lease Details

If you pay business rates, you should have already received paperwork asking for more information in order to ascertain the rateable value of your property. You MUST respond to this document, as failure to do so could land you with a fine. Get in touch if you need help with these forms.

2. “Check” Your Rateable Value

The first step is the “check” process, which establishes if all the factual details including the floor areas, tenure details and rent the valuation office hold on file are correct. The valuation office then has 12 months to conclude the check, with fines payable for providing false information.

3. Challenge Your Business Rates Assessment

If the valuation office is still of the opinion that the assessment is correct following the check stage, an application to challenge the rateable value must be completed within four months of the end of the check process. Instead of being able to state briefly why the rateable value could be wrong as before, the ratepayer must now provide their own valuation supported by rental evidence, a complete argument to justify the appeal and, if necessary, supported by relevant case law and legislation.

The valuation office has 18 months in which to consider the information contained in the challenge stage. If no resolution is reached it will then progress to the third stage: the appeal.

4. Appeal to the Valuation Tribunal

An appeal to the valuation tribunal must be made within four months of the valuation office issuing the decision notice at the end of the challenge stage. The rental evidence and basis of argument against the level of assessment issued to the valuation office during the challenge stage is the only information which can be used at the valuation Tribunal hearing. It is therefore vital the submission is correct at the challenge stage.

5. Seek Professional Advice – Book a Business Rates Consultation

This is where NG’s business rates consultation service comes in. If you would like your new rating assessment professionally checked then contact us for expert advice.