The 2017 Business Rates Revaluation was the largest change to rates since 2008 and the staggering rise in the value of commercial properties in London generated a much higher cost to businesses.
All commercial premises are attributed a rateable value by the Valuation Office which is part of HMRC. Under the 2010 Rating List, all rateable values reflected what your premises might have let for, had they existed in their current condition, on 1 April 2008.
The rateable values are passed to the relevant Local Authority, who apply them to the Uniform Business Rate (UBR) which is currently 49.7 pence in the pound. The Council send out annual rate demands and collect the liabilities over 10 or 12 instalments.
Appeals can be submitted against the rateable value by the ratepayer or his agent, either because the assessment is considered excessive or because of a material change of circumstances, such as adjoining building operations.
Previously when Rating Revaluations have taken place, the Government have provided Transitional Allowances on rate liabilities, limiting the maximum increases in annual payment to no more than 12.5% plus inflation in the first year, 17.5 % in the second year, 20% in the third year and 25% in the fourth year. The allowances continue until the simple arithmetic of the new rateable values, applied by the UBR, is reached.
In addition to the business rate charges, rateable values in London that are in excess of £50,000 attract the Crossrail Surcharge of 2 pence in the pound and individual Local Authorities may also charge supplements relating to Business Improvement Districts (BIDS).
DeVono Cresa has an expert team here to help you with the Business Rate increase and can advise you in relation to your best options in terms of appeal.
Contact DeVono Cresa today for professional and unbiased advice on your new Business rates.
"DeVono provided E.ON Ruhrgas with excellent support, guidance and valuable industry knowledge during the search for our new office location. Their service provided our Management Team with an extensive list of the options available both on and off the market so that we felt an informed decision could be made on our move. It is evident that DeVono is a dynamic company, who put the interests of the tenants as their sole priority in the London commercial office market place."
"With the myriad tools available to brokers, for me, the key ingredient to a successful partnership is how acutely our needs are heard and translated into action. The entire team at DeVono deciphered our ambitions with patience, pragmatism and good humour. Not only did they present options that answered the questions I had, they provided alternative directions informed by their local expertise, which, being based in the USA, was vital for me to be able to make solid, well-informed decisions. I would not hesitate to recommend."
"I have worked with DeVono for many years. I value their approach – always looking at the big picture, not just the deal. They consider the real estate challenges we face through our eyes, understanding not just the real estate reporting requirements but also the complexity of our organisation’s structure and stakeholders. I’m always very happy to work with the team and value their support."
"Our experience with DeVono and you specifically could not have been better. It was a relief to have an expert negotiating on our behalf and, most importantly, sticking with a long and difficult assignment."
"We’re delighted to have found a home at Seven Dials Warehouse and a commercial real estate framework that is fit-for-purpose, and one that gives us space to grow in the future. DeVono Cresa helped us realise our ambition of providing a sustainable and ‘appropriate’ home."
Thank you for signing up to Property AlertsOk