HEALTH WARNING – BUSINESS RATES 2017
Like many businesses, we are currently being inundated by spam e-mails relating to the business rate revaluation, which is to take place on the 1st April 2017. Many emails purport to predict the new level of rates that will be applicable before they have been released.
It is important to outline the facts:-
1. Business rates revaluation will take place on the 1st April 2017
2. There is no suggestion at the present time that business rates will double and the new rateable value assessment should relate to the rental value of the property as at the “valuation date” which was the 1st April 2015.
3. All businesses should check their rateable assessment and as local agents Impey & Company hold detailed information in relation to market transactions that took place on or around the valuation date and we will be able to advise whether the new RV set is at the correct level or whether there are grounds to appeal.
4. It is important not to issue an automatic appeal. In some cases, rateable values may be reasonable or set at a below market level and the lodging of an appeal will not automatically trigger a reduction or rebate. There have been many cases where people have been badly advised only to find that having lodged an appeal, their rates bill increases.
5. Many of the spam emails suggest a payment upfront. Again this is totally unnecessary as you should wait for the new RV to be issued and then take advice. Impey & Company will provide initial advice free of charge to help you to decide whether an appeal is appropriate.
The important message is to wait until the new RV is released and then take advice from a local professional who specialise in rating matters.