Business rates are probably the biggest overhead for any small business owner after the cost of wages and rentals.
All non-domestic properties are given a rateable value and this is what determines what business rates are charged.
If you believe you may have overpaid your business rates you need to file an appeal before 31st March 2015.
Why? Well a new amendment following the 2014 Autumn Statement means any ratings appeals filed AFTER 31st March (which are accepted and approved) will only receive rebates backdated from 1st April 2015 and until 30th March 2017.
Currently rebates are offered for the full seven years of the business ratings period.
This means a huge amount of small businesses could lose five years’ of rebate for any overpayments of their business rates if they do not lodge an appeal in time.
David Pearce, chartered surveyor and RICs registered valuer, Kempton Carr Croft, said:
“Many (businesses) are stuck paying excessively high business rates due to an outdated rating system that takes historical rent levels into account. We’re urging all business owners to check they are paying the correct business rates well before the 31st March 2015 deadline or to instruct a rating professional to advise you to ensure you don’t miss out on any financial rebates owed to you.”
You still have time to check your rates and make your appeal to ensure you do not lose out...
