HARRIS LAMB REDUCES RATES LIABILITY FOR MAJOR TELFORD BUSINESS BY £75,000
Rating specialists Harris Lamb have saved a commercial refrigeration firm in Telford almost £75,000 in business rates after it merged their three industrial rating assessments into one single assessment.
The business, who manufacture and distribute ice making equipment, instructed Harris Lamb to undertake a Business Rates review of their premises, following two of their tenants vacating adjoining warehouse premises.
Mark Linning, of Harris Lamb’s Telford-based Professional team, said: “Further to two tenants vacating and the business expanding into these adjoining warehouses, we were asked to review the historic rating assessments to identify ways to reduce the rate liability.
“The expansion increased the clients floor area from 115,500 sq.ft to a combined floor area of 154,650 sq. ft, and a combined Rateable Value of £547,500. Following extensive negotiations with the Valuation Office Agency arguing the three rating assessments should be treated as one, we were successful in reducing the overall rating assessment from £547,500 to £500,000 Rateable Value.
“This resulted in the client’s rate liability falling from £872,233 to £798,000 over the next three years, a saving of circa £75,000,” he said.
He added: “The Business Rates system can be notoriously difficult to navigate, but the client was delighted with this result, and which proves it is worth engaging professional advisors to review and challenge existing rating assessments. This is a significant saving for any business, particularly in the current economic climate.”
The client said: “We were pleased with the service we received from Harris Lamb, especially Mark Linning. He was exceptionally helpful, kept us up to date at every stage and was there to help us with any queries we had. We would recommend Harris Lamb to any company wishing to review or need help with business rates.”
Businesses requiring advice and support on their current Rateable Value should contact Mark at email@example.com.