Professional Advice from the Experts on Business Rates
11-09-2009
According to the latest Government publication, businesses across London could undergo a 10% rise in their rate bills next year due to the 2010 Rating Revaluation.
This contrasts Government predictions that the Uniform Business Rate (UBR) could fall from 48.5 to 41.7 pence in the pound. Despite the expected increases in rateable values, there is some good news; the government is introducing transitional phasing arrangements to limit the impact on businesses. Large property rates increase will stand at 12.5% and for small properties 5%.
Croydon businesses are advised to contact a member of the RICS or IRRV for advice on how to minimise the potential impact. Although the official UBR and phasing figures will not be published until January 2010, businesses are urged to act now to discover what their likely future rates may be.
Michael Conneely (partner of Conneely Tribe, a specialist property and rate consultancy) said “Acting now is particularly important. Your business needs to know the implications of these changes. Businesses considering moving or renewing their leases should be aware of all their likely property costs in advance.
Timetable for the Revaluation is as follows:
April 2008 2010 Valuation date
October 2009 New rateable values published online
January 2010 Transitional phasing arrangements / UBR published
March 2010 Rate bills issued
April 2010 Appeals can be lodged against the new rateable value, which will remain in effect for 5 years.
