Business rates, often referred to as non-domestic rates, are a tax on businesses and other organisations that occupy commercial premises. This is an annual contribution made to the cost of services provided by local authorities and the emergency services. The charge that you pay is based upon the Rateable Value of your property which is currently assessed periodically by the Valuation Office Agency (VOA).
Following any Revaluation of commercial property, the VOA will publish the new Rateable Value for every commercial property across the country in a Rating List. Business rates are calculated against the Rateable Value, which represents the rental value of a property, at around 43 – 45% of the Rateable Value. Business rates are therefore one of the largest overheads any organisation will have to pay.
On the 1 April 2017, the Revaluation saw many Rateable Values rise significantly, consequently increasing property overheads for many businesses across the country. But even where a business has experienced a drop in rates, the valuation could still be incorrect and the Ratable Value can be challenged to ensure that it is both accurate and fair. Based upon comparable data and industry insight, CVS believes that many businesses could make substantial savings by appealing their current Rateable Value.
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