IS YOUR 2021/22 BUSINESS RATES BILL CORRECT?
As the new financial year starts on 1st April 2021, businesses will soon be receiving new business rates bills for the upcoming financial year.
Many businesses may automatically assume that their liability is correct, but ratepayers should not simply accept the cost as their bill could be incorrect and they could be paying excessively. Local Authorities often make errors when calculating bills and there are a multitude of business rates relief schemes that are available to occupiers, which are often not automatically applied to the bills. Ratepayers should not simply accept that the Rateable Value shown, the liability dates, or the amounts shown to be payable are correct. It is important that businesses seek advice to ensure that they are not overpaying.
1st April 2021 also marks the start of the final two years of the 2017 Rating List and there are therefore only two years remaining for ratepayers to appeal the current Rateable Value of their property, if they believe it may be incorrect. It is important that ratepayers seek advice if they believe their property may be incorrectly assessed and to determine whether an appeal against the Rateable Value is merited.
Mairéad Gethings MRICS of FHP Property Consultants commented:
“Many businesses are paying excessive business rates because they are merely accepting that their rates bill is correct. At FHP we regularly audit business rates bills and it is surprising how often we come across bills that are incorrect, whether it be because the liability dates are incorrect, a relief hasn’t been applied, or simply that the amount shown to be payable hasn’t been calculated correctly.
Furthermore, businesses are often not aware that they are able to challenge their Rateable Value to reduce their liability and they are also often not aware of the multitude of business rates relief schemes that are available, which can provide significant amounts of relief.
Due to the COVID-19 pandemic there is a lot of nervousness in the current climate. Business rates form a large part of the annual overheads of a business so they cannot be ignored and simply accepted. Ratepayers should take advice from specialist surveyors who have the expertise to negotiate a reduction in Rateable Value and maximise savings for clients”.
If you would like further information on the above or if you would like to see if FHP can help you, please contact Mairéad Gethings at firstname.lastname@example.org or on 07917 460 036.
26 March 2021