New Year Business Guide - brought to you by APL Media • Wednesday 11 January 2023 Many overpay business rates


As budgets continue to be stretched further than ever, business owners will be keen to keep a firm hold on their finances in the face of spiralling costs


2022/23 to 75% in 2023/24 (capped to £110,000 per business in each year). Meanwhile, the inflation adjustment which would otherwise have seen the standard multiplier increase from 51p to 54.2p next year, will now be frozen, whilst some 300,000 properties will now receive the full benefits of lower bills to fall in rateable value folowing the imminent 2023 revaluation. At last, the government is


intervening to ease the burden on businesses, but there’s still more you can do to save. Business property rates in the


Don’t miss out on savings.


Check, challenge and appeal before


31 March 2023 to make corrections backdated up to 2017.


UK are complex. As the uses of properties change over time, so do their rateable values. To make things more confusing, there are numerous exemptions and reliefs that might be available, if one knew what they were looking for. Many businesses are overcharged for their


business rates, oſten for a number of years, but their owners are either unaware or lack the expertise to correct it. With professional help, however,


While some may feel forced to consider difficult cuts to staffing, marketing and production costs, there could be one expense they’ve unknowingly been overpaying for some time — business rates.


Chancellor Jeremy Hunt re-shaped


this business expense as part of the government’s November budget aſter it had, let’s face it, got somewhat out of control. It’s bizarrely the one tax on which inflation is added every


year, causing the standard multiplier for England to have increased 47% from 34.8p in 1990 to 51.2p in 2022. So what’s changed? Firstly, the


retail, leisure and hospitality sectors will see relief increase from 50% in


it’s possible to both reduce business rates going forward and recover overpayments already made, plus, with the industry widely working on a no-win, no-fee basis, there’s nothing for business owners to lose.


ADVERTISEMENT FEATURE


2023 Business Rates Revaluation has now been published – how much are you expected to pay?


In mid November 2022 the VOA published the draft rating list. Tis will go live on 1 April 2023 and sets the new rateable values that ratepayers will pay


There have been some expected and some surprise changes in rateable value across all property classes, so it’s important to check whether the rateable value set by the Valuation Office Agency is correct and, if not, seek to reduce your rates liability. Some interesting changes include


• Heathrow Airport reducing in rateable value by £2,000,000, but Gatwick airport increasing by £14,000,000


• Hamleys London reducing in rateable value by £500,000 and St Pancras International increasing by over £8,000,000.


Some other known factors at this stage are that the multiplier will remain the same: the 51.2p in the £ that your business rates liability is calculated from (for larger premises) or 49.9p in the £ for small businesses. This also includes the transition, which is used to limit increases/decreases in rates bills, because a revaluation has now been limited to increases only, so if your rates bill has increased


significantly transition will be applied. This means you gradually pay the correct rates rather than get hit at year one with the financial burden of this. Making sure your rateable value is


right is important and that’s where Wilks Head & Eve can help. A firm of Chartered Surveyors


providing property expertise dating back to 1820, its team of chartered surveyors have experience dealing with a broad range of property types, from offices/shops/libraries/leisure to football stadia and golf clubs, and dealing with small portfolios to larger portfolios with over 1,000 properties. For some general advice on what


the new revaluation means for you or to seek a quotation from Wilks Head & Eve, get in contact with one of the team who will be happy to assist.


For further information


Our rating partners Andrew Williams awilliams@wilks-head.co.uk and Stephanie Oneill soneill@wilks-head.co.uk can be contacted via email or telephone the office on 0207 637 8471


Finance & legal • 5 ADVERTISEMENT FEATURE


For further information


Call Goodman Nash today to speak with one of the business rate consultants on T: 01380 739112, or email: contactgn@goodmannash.co.uk


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