Last Chance Saloon for Business Rates Appeals From April 2015
The Chancellor’s Autumn Statement carried headlines about reform to Stamp Duty but there were policy change announcements in several other areas. One such change to Business Rates appeals is worth taking note of.
If you appeal your business rates after 31st March 2015 and agree a reduction you will only be entitled to a refund from 1st April 2015 and not 2010. If you don’t want to miss out on these potential savings then you must appeal in the next 3 months.
As an example let’s assume a building with a Rateable Value of £80,000 and which is successfully appealed to a reduced value of £72,000.
If the appeal is lodged before 31st March you would save £26,064. If you appeal after 1st April 2015 then you would only save £8,000.
If as a business you are still undecided on whether to appeal your rates then it is probably worth calling one of us in the Rating Team at Harris Lamb.