Business rates are a tax payable by the occupier of a property and are calculated by reference to a Rateable Value which is assessed by the Valuation Office, part of the Inland Revenue.
Rateable values are reviewed every 5 years and a new valuation list came into force with effect from 1st April 2010 which is based on rental values in April 2007 when the market was extremely active with rents having risen rapidly over the preceding years.
Rate payers have the opportunity to appeal the assessment and if it is high, we are able to reduce the valuation and hence the actual amount payable.
The rating system is quite complex and we are able to offer expert advice to assess as to whether or not an appeal should be made and if so, negotiate with the Valuation Officer to seek a reduction. If necessary a case can be presented at a local Valuation Tribunal.
Fees are usually calculated on a success basis and consequently, a charge will only become payable if the Appeal is successful.
As West End office assessments have shown tremendous increases between the 2005 and 2010 Valuation list, it is essential that the assessment is checked by a professional if only to achieve peace of mind that the figure is reasonable.
You can call us on 020 7499 6070 or e-mail us using the enquiry form.