The benefits of outsourcing business rates advisors
15 May 2023, by Verity Editor
15 May 2023, by Verity Editor
We don’t want to add to your feeling of overwhelm, but you should really be paying closer attention to your business rates.
Business rates are those annual charges sent by your local council. They’re vital to your locality because they pay for services like water treatment, waste disposal, police, and fire brigades. For any business, large or small, business rates can feel like a crushing waste of time and money.
You can ease the burden by enlisting a business rates specialist. They will analyse your business rates bill to see whether you’re paying too much for your rates.
Then they’ll advise you on business rates exemptions you may be entitled to and, if applicable, show you ways to lower your rateable value. They’ll even liaise with local authorities and the Valuation Office Agency on your behalf if needed.
For owners of a vacant commercial property, there are a wide range of schemes that offer different techniques to mitigate empty business rates, but keep in mind there are ones to be wary of.
When considering mitigating your rates it’s best to use business rates advisors with plenty of experience and those who you know you can trust.
Below, we’ll explore the advantages of using business rates specialists to take care of your business rates. We think the benefits are well worth the (extremely cost-effective) investment.
Business rates apply to all non-domestic properties across all property sectors. The Valuation Office Agency (VOA) determines the rental values or open market values in each locality across the UK, called the rateable value. Your business rates are based on a percentage of that rateable value. Here’s how business rates are calculated.
Owners and renters of commercial premises should know their business rates bill intimately, but in the daily mayhem of running a business, the rates bill often goes unquestioned. Statistically, 1 in 3 rates bills are incorrect – meaning a third of businesses are currently overpaying.
Any commercial property will be assessed for business rates, even the empty ones. If you own a commercial property, you receive a business rates bill.
Business rates consultants – like Verity! – are dedicated to doing the business rates heavy lifting for you, as well as doing what we do best – saving you money. We’re here to take the pain out of assessing and optimising your rates bill by completely removing “business rates” from your task list.
When you work with a business rates consultant, you gain an additional employee tasked with all your rates-related communication. We take the headache out of communicating with the Valuation Office Agency.
Whether it’s a tribunal appeal of your rates bill or trouble receiving a reasonable rateable value on your property, we can help. Enlisting a business rates advisor means VOA liaisons are no longer your problem.
Many businesses, especially small businesses, will qualify for a business rates exemption. But keeping track of the eligibility requirements and new exemption schemes is a full-time job.
Using a business rates advisor, you can outsource costly tasks like gathering rental evidence or calling the VOA (again).
With one contact for all your commercial properties, the business rates process is streamlined. Experts in rates for all non-domestic property sectors will dedicate time and attention to finding exemptions you didn’t know you had. That way, you free up time in your hectic day and save money when you qualify for exemptions.
When you reduce your business rates liability, you free up money and headspace for growing your business. Gathering rental evidence and proving rental values for your commercial property take time.
Experts can advise you on buying other non-domestic properties and how it will affect your business rates liability. They’ll even show you how mergers and splits can reduce your business rates bill.
Using tactical guidance and the money you saved on your business rates, you’ll have more resources available to grow your business.
Verity (especially Jozef) have been extremely helpful from the start and will chase you (only if you ask) until it’s all in place! Couldn’t have asked for a better service.
Josh K