Here is an update from MIA Business Rates partner, Altus Group, who are the biggest team of experts in the UK and have saved many of our members THOUSANDS of pounds from their rates bills…
150 properties a day across the length and breadth of England appealed their business rates last year. New rateable values, which are an estimate of a property’s annual rent on 1st April 2015, came into effect on 1st April 2017, and are the basis of the calculation for business rates bills until 2021.
Recent data released by The Valuation Office Agency, an Executive Agency of HM Revenue & Customs, shows that 52,550 non domestic properties in England from shops to restaurants to offices to public sector buildings registered a ‘Check’ during 2018 the first stage of a formal appeal under the Check Challenge Appeal Regulations.
The data released also shows that, since the controversial revaluation came into effect on 1st April 2017, a total of 56,240 appeals in England have been resolved as of 31st December 2018 during the 21 month period, with 37,950 being successful. Councils across England estimate that the cost of business rates appeals will be £1.1 billion for the next financial year in 2019/20 albeit £101 million lower than the current 2018/19 financial year.
Trusted MIA business rates partner, Altus Group, who has lodged around 1 in 6 of all appeals so far, commented, “Despite some valid criticisms of the new appeal regulations, the system works if you get stuck in and we continue to engage with the VOA on ways to help improve it. We increased our volume by 90% in the third quarter of 2018 and the VOA are now clearing more Checks than they receive which has to be some positive news for business.”
Have you checked the business rates you’re paying are correct? Find out in just 24 hours if you could save money on your business rates, submit your latest business rates bill to Rates Check, a service in association with MIA and Altus Group – https://ratescheck.co.uk/mia/, or you can call the team on 0800 023 5310.