I am concerned that the rates revaluation next year is going to affect my business. How can I make sure I’m ready when it does come in?
Many retailers feel they are not prepared for the increase when it comes in and there is often insufficient guidance for them as to how they can be ready.
However, Howard Bottomley of Tenants Assistance Program, which offers advice to retailers on a range of property issues including rates, says there are things retailers can do to make sure they don’t get a raw deal.
Ultimately, preparation is essential. The new business rates assessments will be released in October and as soon as these are out retailers should think about whether or not the new value is fair and decide whether they want to take action.
If retailers feel the new value is unjust, appeals must be put into the local authority’s Valuation Office by April next year, when the new rates are due to come into effect.
One of the options is for a retailer to appoint a surveyor to act for them in the appeal, but this has risks in itself. Surveyors are likely to approach retailers offering to help them appeal against their rates, but be aware that they will expect a fee that could wipe out a large percentage of savings made.
“Don’t be afraid to shop around for surveyors,” says Bottomley. “It’s a purchaser’s market. There will be some unscrupulous people who take up to 50 per cent of the savings.”
A much more reasonable amount for a surveyor to take is between 10 and 20 per cent, which most mainstream firms should be charging.
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