The new 2023 Business Rates Revaluation comes into force as of 1st April 2023 with the draft list being published at the end of November 2022. This revaluation will reflect the changes in the property rental market from April 2015 to April 2021 which was in the midst of the pandemic.
What are the risks and impacts to my business?
If your business has yet to ‘appeal’ their Rateable Value, you have just a few weeks until the end of the Rating List – 31st March 2023, where ratepayers will no longer have the opportunity to do so.
There are a number of ways in which you can mitigate your liability for Business Rates. For example, at this point in the cycle there is likely to be a well-established tone or level of value within your building or local area.
Similarly, if you have altered your premises or perhaps taken occupation of an adjoining unit, these are all areas of opportunity for the intervention of a Business Rates Specialist. If any of these alterations are of material benefit to you, the opportunity to take advantage of this will be lost if the CCA process has not commenced by the 31st March*.
The current rating list dates back to 1 April 2017, making any intervention on your Business Rates liability an opportunity to unlock six years’ worth of cash savings (dependent on when you took occupation of the property) which will directly impact your business.
If you would like to find out more, or need support regarding your business rates, please get in touch with the team by emailing email@example.com or call us on 01727 732 222
*The CCA process needs to be in progress by the 31st of March, so please contact us by Wednesday 15th March as it can take up to 15 days to get your property approved on the gateway.
Article written by Rick Gibala, Director – Head of Business Rates