ADVICE: Can you get a business rates rebate?

It’s

reduction. Here’s the lowdown

Business rates: what are they based on?

Rates experts Colliers say: “Business rates are based on a specific value, called a rateable value. All commercial properties are valued on the same day for consistency and fairness, with the current valuation date being 1 April 2015. The rateable value is based on a property’s annual market rent, size and usage.”

Why you might qualify for a reduction

You will have been paying the same amount for business rates since April 2017 (apart from any Covid-related reductions). However, the date for the next (potential) alteration is fast approaching in March. Before it changes, you have a chance to appeal your rateable value and get a rebate for the last six years.

The 2017 values are based on an assessment carried out in 2015 so the market may have changed in that time and your property may be valued differently if surveyed again. If this is the case, you may be able to obtain a rebate.

Does this affect you?

If you pay business rates, yes. If your property has a rateable value of £12,000 or less and you only have one property, then you don’t pay rates. For properties with a rateable value of £12,001 to £15,000, you pay a reduced rate. All properties over £15,000 have to pay the full amount.

How to get help with rates

If you don’t have time to appeal your current rates, you might still be able to reduce your bill going forwards. Colliers say: “On 1 April the next revaluation of properties will take effect and have been based on the rental value of properties on 1 April 2021 in England and Wales, and 1 April 2022 in Scotland.”

If you think your property might have been overvalued, get in touch with Colliers and they can see if you have a case to appeal. Colliers only charge a fee if they secure a reduction for you.

What you need to do next

If you want to appeal your 2017 rateable value and potentially get a rebate, you need to be quick – the deadline is 31 March. Go to the government website to find out more. The advice varies for the different areas of the UK, look online for the right information for your business.

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