One business deadline you cannot afford to miss
Deadlines are currently looming on various aspects of business life, VAT and personal tax returns to name just a couple, but there is one deadline that some business owners aren't aware of and it could cost you thousands if you miss it.
I want to urge every business and retail owner to review their business rates as soon as possible following the Government's decision to place a deadline on appeals in respect of the 2010 Rating List.
For any business who believes their rateable value has been miscalculated the appeal window has been dramatically narrowed and now any appeals must be lodged by March 31st – less than 10 weeks away – if they are to have effect from the earliest possible date.
Putting a time limit on the opportunity to appeal was quietly announced in the Chancellor's December Autumn Statement, very much overshadowed by the Business Rates review which was unveiled by George Osbourne at the same time. The rules now state that Rateable Value reductions can only be backdated to the period between 1 April 2010 – 1 April 2015 if appeals are made before 1 April, 2015.
There are still around 40,000 appeals outstanding against the 2010 List but these have been lodged and are safe – but I know there are probably still thousands more out there who will miss out on a refund if they don't act now.
Any business that misses the deadline could lose out on up to five years' worth of rebates on overpaid business rates as well as a reduction on their future business rates liabilities.
Dunlop Heywood is a firm of chartered surveyors and rating specialists and we have saved our UK clients tens of millions of pounds against the 2010 Rating List through successful rateable value appeals.
For more details contact me at email@example.com. You can also download our comprehensive Guide to Business Rates in England, Scotland and Wales for free from our website at www.dunlopheywood.com
Some interesting stats are coming out of the VOA at the moment, with so much attention on the Revaluation and its implications for businesses and retailers.
The VOA has finally released its own figures on how the change in the Rateable Value (RV) of non-domestic properties will affect the regions, following the recent revaluation. The...
The Government has launched another consultation, this time on the transitional arrangements for the 2017 rating revaluation.