Prepare for imminent changes to your business rates
The last business rates revaluation was in 2010 with rateable values based on commercial rents on the 1st April 2008. The next revaluation should have been in 2015 but the Government pushed it back until April 2017.
This is important because business rates will increase in areas that have experienced a recent recovery in rental values as the valuation date has effectively also been pushed back from 1st April 2013 to the 1st April 2015 ie 12 mths ago.
The recent Budget did provide some big benefits to small businesses with a doubling of the Small Business Rate Relief threshold to £12,000, tapering to £15,000, so many small business owners will start to pay nothing from 1st April 2017.
Martin Trundle, who heads Commercial Property Services at Henry Adams in Chichester, says ‘It is important that businesses who do not receive small business relief budget for rates increases in locations that have experienced recovery and are aware of any factors which might have a negative impact on the commercial rental value of the property they use or own. As non-domestic rates calculations are now so complex and business rates have become a huge burden for occupiers running their businesses, as well as landlords dealing with empty business space we have teamed up with a business rates specialist to help companies mitigate their exposure”
We are now working with the business rates experts, The Beattie Partnership, and if you would like a copy of our guide on the forthcoming rating revaluation please contact Martin Trundle at Henry Adams to see how we can help you – 01243 532222.
