Rating revaluation

By LBV

29 Mar 2010

With the draft rateable values published and the impact of those imminent, we are urging occupiers and owners to act now to ensure their new rateable values are based on the correct facts.

The 2010 rateable value is issued by the Valuation Office and is an estimate of what the market rent would have been for your property on the 1st April 2008.

The new rates will take effect from 1st April 2010 and any appeals may be lodged after this date. We are advising people to take stock of their property outlay and review your new list assessment as a priority.

Although the government has yet to confirm the UBR (Uniform Business Rate) that will apply, different property sectors and geographical areas will see a variation in overall impact and it is of paramount importance that this is acknowledged now in order for businesses to prepare realistic budgets to ensure any predicted increases are forecast.

More often than not, and despite the advance warning, businesses are caught off guard by the forecast changes to rates – it is imperative that people look at this now to ensure the stability and cash flow of their businesses. To some the changes will be nominal but others can be more seriously affected.

Even if the assessment seems fair and reasonable, we would also encourage people to delve a little deeper as our experienced rating teams can often further reduce a client’s rate liability in cases where properties are only partly occupied, temporarily disused, or affected by external factors such as major building works or road works within the area.

It is also wise to ensure your 2005 list assessment is as low as possible as appeals can still be lodged up to 31st March 2010.

Phil Kelly, partner, Petty Chartered Surveyors.
 

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