National commercial property advisors Matthews & Goodman are urging businesses who may wish to appeal against business rates to act now, or risk missing out on potential refunds that could be worth thousands of pounds.
The firm, which has offices in Manchester, Liverpool and London, advises clients nationally on how to keep business rates liability to a minimum. A form of property tax, business rates are calculated according to the rental value of a property and appeals against Rateable Values can currently be backdated to 1 April 2010.
Buried in the small print of the Chancellor’s Autumn Statement however, is the Government’s intention to limit backdated savings on ratings appeals from 1 April 2015. Ratepayers must therefore register an appeal on or before 31 March 2015 if they are to benefit from reductions potentially backdated to 1 April 2010. Although ratepayers will continue to be able to appeal Rateable Values on or after 1 April 2015, these appeals cannot be backdated.
Grounds for appeal include situations where the valuation was wrong, where the property has been demolished, or where a commercial property has been converted into a domestic property. During 2014, Matthews & Goodman’s ratings team recouped over £6 million on behalf of clients as a result of successful appeals.
Frank Alder, head of northern rating at Matthews & Goodman commented, “The announcement is unwelcome news for business rate payers, particularly given the present opposition to the current rating system. The system is over 400 years old and fails to reflect the modern commercial landscape. We have a situation where high street retailers, particularly the smaller ones, are already struggling to compete with businesses that are trading online and this limitation of their rights is a further blow.”
For more information contact Frank Alder on 0151 242 1081 or e-mail email@example.com
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