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It is not widely known that companies are able to appeal business rates; as it’s a government tax it’s not unreasonable to assume that what they say goes.
With business rates in some areas reaching as high as £45 per square foot it’s hard to believe that so few companies go through the appeal process, because they could potentially benefit enormously. The downside to having your business rates appealed? It’s exceptionally lengthy: it can take years before your appeal is heard. That being said, if you are successful you will be reimbursed for all the extraneous rates you’ve been paying from the time you registered the appeal, which can amount to quite a sum!
Unfortunately, it has recently been announced that there will be a change in the power to appeal: any appeals against 2017 ratings will be dismissed if they are ‘within the bounds of reasonable and professional judgement’. This will make it largely more difficult to be successful in appealing your rates.
Eugene O’Sullivan, Managing Director and Chartered Surveyor at Morgan, Pryce says: “Clients often assume that their rates will be an exact portion of the rental value they are paying, where in fact there is no rule of thumb of rates in relation to market value”.
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants