When was the last time you paid attention to your business rates bill? Could you be paying more than you should be?
We've put together five quick tips to help you look at reducing your bill!
1. Make sure any changes to your property are reflected in your valuation
The best place to start is always the Valuation Office Agency (VOA). For the majority of properties, the VOA will publish a breakdown of the size and usage of the areas within your property in the "How the rateable value is calculated" section.
If you've just moved into a property, it is worth checking what you're paying for is actually what you've got. It is common for warehouses to still be paying for mezzanines that no longer exist or for offices to be paying for heating or air-conditioning which has been removed. Even if you've been in your property for a while, make sure to double check; the worst thing you can do is pay for something you don't have!
To check your valuation, look at the VOA's website here: Check your business rates valuation
If you notice something in your valuation that you don't think should be there, the VOA's Check, Challenge, Appeal process allows you to notify them of the error and have it removed.
2. Check if you're paying more than your neighbours
Whilst you're on the VOA's website, you'll notice you can see not just your valuation but the valuation of your neighbours too.
Don't think you're being nosey by having a look at their valuation and checking what their rateable value is!
Rateable values dictate how much you actually pay. If your neighbour has a lower rateable value than you, it may that you are overpaying on your property and the discount they are receiving can be applied to you too!
When we were auditing Safety Lifting Gear's portfolio of properties, we identified a situation where they were paying a significant amount more than other properties in their immediate locality. Consequently, we were able to reduce the rateable value of the property in question, creating a large refund and saving in future years. You can read the full case study here: Safety Lifting Gear - Case Study.
3. Ensure you are taking measures to mitigate your empty rates
If you own commercial property and are struggling to find a tenant, or you signed a long lease but no longer need the property, business rates can be an additional burden that compounds your overheads.
There are methods to reduce and mitigate how much business rates you pay for your empty property. Holloway Bond believe we have an ethical solution to mitigating empty rates; simultaneously reducing liabilities and providing a community interest.
Please get in touch with us if you have an empty property and wish to reduce your costs.
4. See if you're receiving multiple bills for offices or units within the same building
Often when you have a few offices within a building you'll receive multiple bills for these offices. However, if combined into a single bill you could end up paying less in total, and in some instances you could unlock reliefs that you would have previously been ineligible for.
The same applies for most types of property; from industrial units within a business park to shops on the same street.
Read our case study for Max Publishing Limited to see how we helped a company in this scenario get a large refund and save money moving forward: Max Publishing Limited - Case Study.
5. Get in touch with an expert
Ultimately, business rates can be really confusing and the spare time to dedicate to investigating valuations and bills simply isn't there. To relieve that burden and to also ensure every avenue is explored, it can be best to speak to an expert. Holloway Bond are specialists in all things business rates. We can ensure you have the lowest possible rateable value and also apply all possible reliefs, ensuring you are being billed correctly.
Give us a call on 0208 0950 990 or email at info@hollowaybond.co.uk to find out more!
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