Business Rates
Business Rates liability is one of our clients' most significant property overheads and Newton Perkins' aim is to reduce this liability as much as possible.
Our extensive market knowledge and understanding of rents and values enables us to establish grounds for challenging rating assessments. Where appropriate we conduct the challenge to the commercial advantage of our clients to negotiate a reduced assessment of liability. The system for challenging a rates assessment with the Valuation Office is called Check, Challenge, Appeal. This is a three stage process where extensive investigation and detailed submissions to strict time frames are required.
Where negotiation with the Valuation Office does not reach settlement, our expertise extends to taking cases to the Valuation Tribunal. Our track record is second to none in this respect. We regularly attend and present at the Valuation Tribunal and we can demonstrate an extensive track record in reducing our clients' costs.
Contacts
James Clarke
Tel: +44 7764 969 786
Email: jc@newtonperkins.com
Frequently Asked Questions
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I have not challenged the 2017 Rating Assessment - Am I too late?
No. Whilst all commercial properties were re-valued as of 1st April 2017, the right of appeal extends to March 2023. Successful challenges to reduce liability result in a repayment usually within twelve weeks of determination. A welcome bonus for our clients in challenging economic circumstances.
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How do you charge?
Our charges are usually based upon a percentage of the saving we win for our clients, though a fixed fee alternative is sometimes preferred by our clients and is offered as an option.
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Are savings guaranteed?
No, we are aware of some rating advisors (often not professionally qualified) who mass mail and cold call occupiers, guaranteeing savings. We advise our clients to be deeply wary of these approaches and claims. We only ever recommend a challenge following careful investigation using our specialist market knowledge and understanding of rating law and practice.
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Can assessments be increased?
Yes, an unwise appeal or incorrect conduct of an appeal can result in an increased level of assessment. Please refer to this article for examples of how unscrupulous firms take advantage of this.
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Why do business rates increase every year?
Because the level of the Uniform Business Rate (UBR) multiplier is linked to the annual level of inflation announced in September of each financial year.
As such, even though the Rateable Value may not change, business rate liability increases year on year.
For 2022/2023 the UBR is £0.499 for properties with a rateable Value of £51,000 or less and £0.512 for properties with a Rateable Value greater than £51,000.
In addition to the UBR itself, there are also a number of supplements which are added. These are set out on the chart below with the relevant qualifications.
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UBR £0.499 RV 51,000 or less UBR £0.512 RV greater than 51,000 City of London Security Levy £0.012 Paid on all City of London assessments. Crossrail £0.020 Paid on assessments above RV £70,000 within Greater London.
We specialise in investigating and advising clients on their Rateable Values, Business Rates Liabilities, Empty Property Issues, Material Changes to their property or the Locality (building works nearby for example) providing them with the best approach to minimise their overall business rates bills leaving the client free to concentrate of their Business.
All work on business rates is carried out or overseen by Partner/Head of Department rather than just being the contact and the work carried out at a lower level.
For an initial discussion as to how Newton Perkins can assist please contact James Clarke MRICS on +44 7764 969 786 or telephone 020 7456 0715.
ALWAYS USE A FIRM AND RATES SPECIALIST WHO ARE MEMBERS OF THE ROYAL INSTITUTION OF CHARTERED SURVEYORS DESIGNATED BY THE LETTERS RICS
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