Reduce your Business Rates and generate some cash

This year businesses in the UK have had to absorb an increase in their business rates, with liabilities rising by 2% for the 2009/10 financial year.  This will be followed by a further 3% increase over the next two years.

 

It’s an unwelcome increase at a difficult time for many business owners - but did you know there may be opportunities available to reduce the amount you pay for your business rates?

 

If you lodge an appeal against your actual rating assessment, a successful appeal could generate a reduction in your rateable value.  This would earn savings back to 2005 plus interest. 

 

Assuming rates payments are up to date, previous years overpayments following a reduction are usually refunded by cheque, so it’s a great way to generate extra cash in these difficult times.

 

In addition, with firms cutting back on staff and office space, occupiers may have vacant areas of their accommodation.  Whether this is individual rooms, parts of open plan space or whole floors, these all present opportunities for empty rates relief, which will reduce your rates liability for many months.

 

So how can you find out if savings are available for your business?

 

Spiral has teamed up with the Beattie Partnership, a firm of specialist Chartered Surveyors with nationwide coverage, to offer specialist advice on this issue.

 

Beattie can offer an initial assessment of your rates and identify if there is potential for savings, and moving forward, will lodge rating appeals on a client’s behalf.

 

If you would like more information on how the Beattie Partnership can help you, then contact us here at Spiral.