FAIRHURST OFFER ADVICE ON RATES RELIEF FOR BUSINESS

The majority of commercial premises are liable for non-domestic rates and can be both an occupier’s or landlord’s responsibility.

Since April 2008, all commercial properties subject to business rates qualify for empty non-domestic rates. Current rateable values are based on valuations undertaken by the Valuation Office Agency in 2008, with the next revaluation due for 2017. The rent, size, specification, location and type of property all impact on the rating valuation.   Download the FEL Ratings Newsletter

It is important that occupiers and landlords are aware of their premises’ rateable value as business rates can be a large additional cost to any business. There are various rates relief schemes available, including small business rates relief, relief for charities, retail, food and drink rates relief. Further to this, Fairhurst Estates understand that empty property rates constitute significant costs for landlords and welcome enquiries regarding empty property rates mitigation schemes.

Business rates can also be challenged to reduce company costs; Fairhurst Estates’ rating division has successfully challenged and achieved reduced Business Rates for clients and have personnel with the expertise to meticulously examine each rating assessment to ascertain if the rating assessment is at the correct level before making an appeal. Without the correct knowledge and approach to the review process, the Valuation Office can actually increase the rateable value.

John Thornley, Managing Director of FEL, explains how his team have been able to help their clients save a considerable amount of money by re-assessing their circumstances: 

“Our longstanding client National Tyre Service’s depot in Hemsworth has dual occupancy, partly sublet to a local plumbing merchant, attracting a rental income of £15,000 per annum. We researched and challenged the rateable value applied by the Valuation Office Agency. Following an appeal we were able to achieve a reduction in the rateable value of 41%, backdated to the 1st April 2010.”

FEL’s rating team were able to deliver a similar outcome for another client, Hewden Stuart Limited, who had taken a new lease at a property in Avonmouth with a large yard. Following an appeal based on an actual reduced yard area, they were able to achieve a reduction of £18,000 per annum which was backdated to the commencement of Hewden Stuart Limited’s lease.

For more information contact Fairhurst Estates Rating Division on 0844 879 3613
or email katie.wadsworth@fairhurst-estates.co.uk