Commercial property tax – or ‘business rates’ – is typically one of the highest costs incurred by any business after salaries and rent. But there are simple steps a business can take to make sure it is paying the right amount – or, better still, to reduce its bills. CVS, the UK’s business rates specialists, has developed a business rates affiliates scheme to help Members save their clients money on their business rates.
Business rates are calculated based on a number of factors including the market rental value of the property occupied by the business. The Government’s agency – the VOA – sets the charging level and they do not always get it right.
On 1st April 2010, the VOA produced its latest list, classifying business rates charges for the period 2010-2015. The charges set were based on property market rental values two years earlier in 2008. A lot has changed since then, not least the global economic downturn which has had a knock on effect on property values and, in the vast majority of cases, pushed values down. The upshot is that many businesses are now facing business rates bills which are out of sync with the true market value of their premises.
Anyone in this situation has potential grounds for an appeal. By bringing an appeal against the VOA, firms can often agree a reduction in their bills. CVS typically saves 50% of its clients an average 10% on their rates bills. Welcome good news at a time of generally rising business costs.
“The key is to act now,” according to CVS’ Commercial Director, Martin Reilly. “The fast-moving companies have already embarked on appeals and we’re seeing significant opportunities to reduce their costs and return savings to them. At a time when everyone is gearing up to emerge stronger from the recession, having that extra cash is helping them invest for the future rather than pay for the past.”
The CVS affiliates scheme offers:
- A method to save your clients money
- A way to improve the quality of your client relationships
- An opportunity to refer clients to a recognised quality supplier
- A chance to expand your portfolio of client services
For further details, please email membership@the2020group.com.
