Viewpoint: Have you been overpaying your business rates?
4 November 2009
With the Draft Rating List for 2010 now in circulation, budgeting for the changes to business rates for the next five years is underway. In the budgeting process, eyes have unsurprisingly turned to the rates that are being charged under the current 2005 List.
The Valuation Office Agency's (VOA) strap line for the current 2005 Rating List is ‘Right First Time’. As commendable as this intention is, when faced with a task as colossal as valuing all non-domestic UK property, it is not surprising that inaccurate valuations can creep in.
Over the life of the 2005 List, Lambert Smith Hampton (LSH) has helped clients claim several hundred million in refunded rates, however, a high number of rate payers are completely unaware that they are entitled to a refund.
On what grounds can I appeal against my rating assessment?
You may propose an alteration to the rateable value for your property for any of the following reasons:
- If you believe that your rateable value from 1 April 2005 is incorrect
- If the valuation officer changes your rateable value for any reason
- If part of your property has become exempted from rate liability
- If there has been a material change in circumstances which you feel affects the value of your property, such as: a change in its physical state, the way it is used or a physical change in the surrounding locality.
Don’t lose your right to appeal
It is important that if you feel that you are entitled to a reimbursement, you seek advice immediately. The 2005 Rating List will close on 31 March 2010 and any unused right of appeal will be lost. Ratepayers who may have been over paying for up to five years will no longer be able to obtain their rightful refund.
Ratepayers have a right of at least one appeal against their assessment and if this is successful they will received a refund. In some instances this will backdate to April 2005, providing a substantial refund.
How can LSH help?
LSH is a market leading specialist in the complex field of rating and provides a bespoke rating appeal service to the business community.
For more information on LSH Rating Consultancy, please contact Richard Wackett.
Event: 2010 Rating Revaluation breakfast seminar
Where: London
When: 4 November 2009
LSH is hosting a breakfast seminar to discuss the implications of the 2010 Revaluation to your business.
The seminar will review:
- Draft Rating List (released 1 October 2009)
- London Business Rates Supplement for Crossrail
- Your liabilities: UBR, transitional schemes, rate relief, BIDS and rating surcharge
- Rights of Appeal
If you would like to register your interest in attending the event, please contact Michelle Serra on 0207 198 2000.
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