Business Rates 2010 deadline

In these difficult economic times you don’t want to miss out on potential cash savings.  On 31^st March 2010 the Government will close the window of opportunity to appeal the rating assessments on the existing Rating List to make way for a new national Revaluation.

Rating assessments, known as a rateable value, are based on a property valuation that is set by the Valuation Office every 5 years. All commercial property owners and occupiers have to pay business rates with the current rating assessment calculated on an estimate of what the property would have rented for during 2003. 

There still remains time to lodge a proposal against current 2005 assessments and receive a refund of up to 5 years backdated savings plus interest. If for example a company pays £10,000 per annum in business rates, even a 10% reduction could create as much as a £5,000 cheque refund plus interest.

If companies are not sure if they have challenged their current rating assessment they can search online at www.voa.gov.uk