Property tax and business rates can be extremely complicated, and are usually one of the largest overheads for commercial property owners. Business rates are expected to rise next year, with many small British enterprises struggling to see how they will survive. However, a business rates specialist can advise companies on the evaluation of business rates and achieve substantial savings.
The last decade has seen a constant disruption of the system which evaluates business rates, and many businesses have paid the price. According to the most recent Retail Price Index of 3.9pc, the total business rates increase across all sectors could be as much as £1bn next April. With this in mind, now is the time to find a specialist business rates advisor who can navigate the complexity of the system and lower your total bill.
Here are some ways hiring a business rates advisor can help your organisation.
Keeping up with changes to business rates and ensuring you are not paying more than you should is extremely difficult. Property tax can be a legal minefield without the market knowledge and experience – which is why revaluation expertise is vital. Companies need to be able to plan and budget effectively, but this can be challenging when the business rates process keeps changing. A specialist tax advisor can limit liability and ensure the lowest rates for your property portfolio, thanks to their market knowledge and expertise.
If you’re struggling to stay on top of paying multiple business rates for multiple properties, a payment management service could be the answer. Not only will you have peace of mind that your business rates bill will be as cost effective as possible and paid on time, but you could also save the finance team a huge amount of working days, increasing efficiency across the company.
Empty Property Relief
In some cases, you may be able to apply for business rates relief if you have a vacant property. Seeking the professional advice of a business rates advisor can help you mitigate costs throughout the year and budget for any vacant periods.
Check, Challenge, Appeal
A property tax expert can tell you if there are suitable grounds to challenge and appeal the rate payable for your properties, set by the VOA. If you decide to go ahead with an appeal, a business rates consultant can increase your chances of winning and reducing the amount of property tax to be paid.
A business rates advisor can help you achieve tax savings and increase profitability. If you want to contact the UK’s leading business rates advisory, get in touch with the team at Gerald Eve.