Client: ITV
ITV has a portfolio of over 140 properties – a mixture of offices, warehousing, retail units and television production facilities – in most major cities in the UK. Having been assessed by the Valuation Office as having a total rateable value of £18.9m at the 2005 revaluation, its rates bills were a significant direct cost and a significant administrative burden for ITV.
They appointed us to appeal its assessments and to manage the entire rates payment and management process.
The solution
With properties across the country, ITV requires the input of rating surveyors in our Birmingham, Cardiff, Leeds, London and Manchester offices. Our role is to analyse whether the Valuation Offices’ calculations are accurate, and to challenge them if they are not, to secure reductions. Any operational factors which could influence the accuracy of the VO’s assessment – for instance, any vacant properties or material changes of circumstances. – are identified and used to challenge the assessments.
Meanwhile, our Rates Payment Management team audits bills, manages payments and proactively recovers refunds owed to ITV. The superior reporting capabilities of our IT system also assists ITV’s internal accounting procedures, allowing them to easily recharge property rates as an overhead to separate costs centres.
Results
In addition to freeing up over 100 hours of the finance team’s administrative and management time, we have also secured refunds of approximately £4m for ITV to date.
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