Watch your rates!
The figures are out! You are now able to determine the revised rateable value for your business premises from April 2017, by going to your local authority website. For everyone it is worth while looking, as there are some clear marked variations.
Part of the problem is this is the first revaluation of rateable values since 2010. London has apparently borne the brunt with an 11% increase on average. However, this figure is distorted due to the overall range of increases when you consider retail, offices, industrial and location. There are transitional provisions which spread the increases, which is helpful from a budgetary point of view.
The deferment two years ago not to revise rateable values when they were planned, has already helped London businesses. Although businesses outside London may not have seen any real increase from April 2017, and may have the benefit of significant decreases, however they too will go through the transitional rates reduction process.
At my own location we have three separate leases; we have two floors that are very similar where the rateable value has gone up 36.4% and 23.66%. Why the difference? Our accommodation next door (smaller space), the rateable value has gone up 66.67%. I doubt for one minute my clients will be looking to contribute!
For further information, please contact Brendan Sharkey or send us an enquiry.