Business rates are charged by the Government on all non-domestic (commercial) property. Each property has a rateable value, which should reflect the rental value of the property as at a specific valuation date. The Valuation Office Agency assesses the rateable value and in many cases Impey & Company has found that due to a change of circumstance or a material change to the property, the assessment is incorrect.
Rates directly impact on the value of the property and it is of fundamental importance to any business that the assessment is correct and is kept updated.
Impey & Company can advise by initially undertaking a review of the rates liability and advise whether the assessment tone is correct. If it is deemed incorrect, an appeal can be lodged and again Impey & Company can deal with the process from the initial lodging of the appeal notice, right through to the valuation and court hearing.
When local or statutory authorities need to acquire land they will normally do this by private negotiation or where applicable via a Compulsory Purchase Order. Impey & Company can advise in relation to the compensation that is payable. There are a number of headings which need consideration as compensation is made not only for the loss of land or property, but also costs associated with the disturbance of the business, relocation costs which may include not only moving to a new address, but also the cost of setting up equipment and machinery. Headings also include acquisition costs together with surveyor’s fees and legal fees. In extreme circumstances, where alternative premises are not available, costs would also include those applicable for the extinguishment of the business.
Impey & Company can deal with the compensation process in order to ensure that an owner is fully compensated for loss and all relevant headings.