Business Rates
Colliers Godfrey Vaughan has a dedicated business rate team headed up by Howard Toussaint, a chartered surveyor with 25 years experience of dealing with all aspects of business rates. Whether it is dealing with appeals against the rateable value, empty rates, business rate forecasting or any rate payment issues then Colliers Godfrey Vaughan has the right experience to assist.
Howard Toussaint has represented major corporate occupiers (retail, office and financial), developers and occupiers of specialist properties. His extensive and in-depth experience has been gained on a countrywide basis but he is most adept in dealing with properties within the West End of London, the City of London and generally within the boundary of the M25.
A few truths about business rates:
Most occupiers do nothing about the amount of business rates they pay. This may be due to APATHY, IGNORANCE or a feeling that savings can not be achieved, somehow accepting that the assessments are correct. How many business people accept their personal tax assessment as correct?
Up to the end of October 2007 the number of rating appeals submitted against the rating revaluation effective from 1 April 2005 was less than half those made for the previous (2000) revaluation.
However, are you aware that considered appeals challenging the rating assessment elicit a high success rate?
Professional advice is essential to appreciate either:
- the current assessment is acceptable (maybe even on the low side)
or,
- it is too high compared with the rent passing or nearby comparable buildings
Professional advice will be able to ascertain whether the rating assessment should be appealed or LEFT WELL ALONE.
Advice either way is highly valuable in ensuring business rate liability is optimised.
An initial consultation whether face to face or by e-mail or telephone will be done entirely without obligation or charge. Thereafter, if the considered advice is to proceed with an appeal against the level of charge then typically any fee arising will be entirely success related. Accordingly, the fee will be more than covered by the savings achieved - typically you will retain 75% of any refund.
Where in the unlikely event an appeal is recommended or other action taken and NO saving is achieved then typically the fee due from you will be NIL.
Why wouldn't you take professional advice on rating matters? You have nothing to lose.
In summary, the service Colliers Godfrey Vaughan offers includes:
- Appealing the current rating assessment - submitting and negotiating an appeal on your behalf. Time limits are not an issue but there are some traps and savings can still be made back to 1 April 2005 at the earliest. We can advise as appropriate.
- Empty Rates - reliefs currently available are set to change from 1 April 2008 (please refer to our "2007 Budget changes to business rates [PDF]"). As ratepayer, you need to be prepared for increased liability. Notably vulnerable are developers; particularly where empty rate relief is an issue ahead of redevelopment/demolition or letting.
- Other rate reliefs - if you are a charity then we need to speak to you. Also, if you vacate part of a building (either for a short period of time or indefinitely) then we should talk. Remember that all fees arising are on a success related basis - no saving/no fee.
- Rate demand verification - We believe that the payment of rate demands for small portfolios should lie with you - after all you know your business and all incumbent costs. However, for all other occupiers, we can check your demands for correctness ahead of payment. If errors have been made then we can correct before any payment is made to your authority. The fee for this as a standalone business is modest and as part of a total business rate service could be FREE.
- Back Payment Correction - Your business rate payments may be under control now but what of previous rate years? Our expertise enables us to identify any past overpayments that have not been refunded. Any savings we achieve on this basis are once again on a success related basis. What have you got to lose?
- Rate Budgeting Service - In an ideal world, you should pay only the amount that accords with your occupancy level and rateable value total. However, mistakes do happen and we can not only identify these but we can take action ahead of you making any payment. This ensures that you are not overpaying and that for budgeting purposes you can best forward plan. Cash flow is all important and good business practice dictates that it is best not to pay out more than is required and to then await a refund. Typically, we can include this service within a comprehensive rating service but we are happy to quote for this service separately.
- Schematic Agreement - some classes of property may lend themselves to agreement by a fast track route - settlement of values without recourse to time consuming appeal process. We would be happy to advise.
No matter how small your assessment or how large, we have the expertise to give advice that is:
- Professional
- Timely
- And ultimately FREE!
Do not hesitate to make contact. Remember, the initial discussion is done without charge or obligation. Why not try Colliers Godfrey Vaughan for rating advice?
Contact Howard Toussaint by telephone 020 7659 4934 or e-mail