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Business rates – are you paying too much?
Business rates are one of the largest overheads for businesses operating in the UK, but you might be able to reduce your business rates liability.
Business rates are a UK-specific tax on the occupation of commercial property and pose a significant cost for businesses.
Reviewing Costs - 2023 revaluation
The revaluation of properties for business rates took effect from 1 April 2023 and a number of factors influence the value, some of which should be checked to identify business rates savings.
We undertake a full measured survey to ensure the floor areas on your assessment match the business rates assessment. In addition, we assess if the property valuation method applied, and the price allocated per square metre, is appropriate for your commercial property. We also seek to establish if any physical disturbances may be affecting the quiet enjoyment of the property, which could provide opportunity to seek further cost saving.
Our team has experience across all property valuation methods and across a number of commercial property sectors, ranging from office space, manufacturing and logistics, retail, hospitality and leisure, renewable energy, education and healthcare.
Business rates guide
Download our latest guide to find out how we can support landlords and occupiers with their commercial properties.
New Business Rates Compliance Obligations:
1. Duty to notify
England will introduce the 'Duty to Notify' requirements before the end of the 2023 revaluation,. These new rules make it mandatory for ratepayers to notify the Valuation Office Agency (VOA) of any changes to their building that might impact its valuation, and therefore the business rates liability. Any changes need to be submitted within strict time limits so it is important to prepare early for this new obligation. The relevant time limits are within 60 days of an event change and within 60 days of the end of the rate year for annual certification.
2. Digitalising Business Rates Agenda
As part of digitalising business rates, ratepayers will also have to make a notification when they become liable for business rates on a property providing a unique taxpayer reference number. The information provided on this notification will allow HMRC and the VOA to better understand the business rates that ratepayers are liable for, and where business rate relief applications have been made across the portfolio. This data can be cross referenced with other business tax data that HMRC hold.
3. Empty Property
Given the consultation on Business Rates Tax avoidance and evasion, it is evident there will be changes coming to empty rates relief. These changes will impact owners of vacant property and may reduce the ability to secure the same relief.
How we can help
Our business rates specialists work with the Valuation Office Agency and local billing authorities to ensure that your business rates assessments are fair, reasonable and reflect the correct value of your property.
We can help you with:
- Compliance obligations - technology solutions to house and transfer tax compliant data, helping you remain compliant and meet evolving regulations
- Review and challenge Rateable Values- we will review your current business rates liabilities and analyse where best to challenge value
- Challenging the service of legal notices - our experts will review the notice to confirm if it has been served correctly, and will challenge it if appropriate
- Budgetary Advice- regular reporting on business rates liabilities to assist internal budgeting, providing real time liability forecasting and savings data
- Relief Eligibility – we will review your business rates liabilities and property portfolio alongside current rate relief schemes to ensure you capitalise on all reliefs to which you are entitled We often assist clients with their empty rates liabilities on vacant space.
Business rates – getting started
Business rates can be complex. In our latest guide, we explore the opportunities for keeping liabilities to a minimum, the importance of the 2017 Rating List closure and the key dates you need to consider for the 2023 revaluation period and beyond. We also outline how our specialist business rates tax team can help you.