Your Business Rates Are About To Change

Your Business Rates Are About To Change!

It has been almost seven years since the Valuation Office Agency (VOA) reviewed business rates but all that is set to change from April 1^st 2017 and as a result your business may find itself with a higher bill.

The VOA are revaluing every commercial property across the country and the government is changing how your business rates bill is calculated. The impact of these changes will be effective from the 1^st April 2017.

At the last Budget review Mr Osborne said his business tax reforms were part of a "Budget for small business" and he announced he was permanently raising the threshold for small business rate relief from £6,000 to £12,000 with tapered relief up to £15,000.

He said that the 600,000 small businesses relieved of paying business rates from next April would see an annual saving of nearly £6,000.

This is indeed good news for small businesses IF you have a Rateable Value (RV) of less than £12,000 but of little benefit if your business is valued above this threshold.  

On top of these changes the rules governing how you can challenge your rates bill are also likely to change although precise details have not yet been advised.

So a large increases in your business rates bill could be just around the corner and as such it has never been more important for a business to be aware of the changes and take the opportunity to check if their Rateable Value is correct, whilst staying informed and being prepared to respond to changes if necessary.

Recognising that many businesses will simply not have the time, experience or the tools to review their rates Auditel have partnered with a leading business rates review organisation.  ‘RatesCheck’ offers a free service that allows you to easily check if you are paying too much in Business Rates and stay on top of any changes.

The service is free and does not commit you to using any agent or carrying out an appeal. It is designed to help you stay informed about changes to your business rates liability and how you can ensure you do not overpay. 

Advice provided by RatesCheck is from Chartered Surveyors who are members of the Royal Institution of Chartered Surveyors and experts in Business Rates.

The process is simple too, by uploading a copy of your current rates bill you will automatically receive access to a host of free updates including changes to your Rateable Value, free expert appeal advice and recommendations, together with free forecasts of how much you can expect to pay in business rates in the future.

RatesCheck will also keep you informed of any government and legal changes that could affect your rates bill.

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For further information or a chat, please get in touch:

Steve.mead@auditel.co.uk

www.auditel.co.uk/stevemead

Tel: 0203 4340903

Mob: 07847 453735