London Clancy news article 2010 Rating Revaluation

News

2010 Rating Revaluation

Opportunities to reduce your business rates

Sat, 19 Sep 2009 08:35:46 +0100

2010 RATING REVALUATION

The Valuation Office (Inland Revenue) is revaluing all 1.7 million rateable business premises and will set new Rateable Values from 1 April 2010 but based on rental levels at 1 April 2008. The draft List will be published on 1 October 2009. Representations can be made from then and full appeals after 1 April 2010.

Revaluations are carried out every 5 years by the Valuation Office but the 2010 List is likely to be particularly difficult for setting the correct Rateable Values given the lack of rental evidence, the fall in market values and the complex issues surrounding incentivised and discounted rents. There is therefore a greater likelihood of Rateable Values needing to be challenged.

Average Rateable Values are expected to rise more than 10% and many bills in excess of inflation are anticipated at the very time that all businesses are looking to reduce their costs.

2005 RATING LIST APPEALS

You are still able to APPEAL your CURRENT RATEABLE VALUE even though it was set in 2005. Even if you have already challenged the Rateable Value further appeals may still be possible, for example if there has been an alteration to the property or part is vacant or there has been a change to the surrounding environment.

EMPTY RATES

The Government’s draconian changes to the rates for empty properties in 2008 means that it is even more important to keep your business rates to an absolute minimum. Gordon Brown has repeatedly rejected calls for the reinstatement of the old empty rates system.

LONDON CLANCY

Our team of Chartered Surveyors are rating experts who have many years of experience of handling appeals. We would be pleased to act for you in dealing with the 2010 Revaluation and to ensure that your rates liability is kept to a minimum. For further information please contact:-

• James Gibb – 01276 682055 – jamesgibb@londonclancy.co.uk
• Mark Clancy – 01256 462222 – markclancy@londonclancy.co.uk
• Chris Ridge – 02380 330442 – chrisridge@londonclancy.co.uk

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