Cluttons is providing free business rates audits, as the window to get rateable values checked ahead of deadline narrows to eight months.
The 2017 rating list cycle is due to close on 1 April next year, which will be the cut-off for any checks to be submitted. Ratepayers will need to appeal for reductions in rateable values before that date.
The uniform business rate multiplier is expected to exceed 52p in the pound, rising from its previous level.
Cluttons said rate payments could be set much higher than they should be if values are not checked early enough, potentially resulting in more damage to the high street and retail sectors. The current cycle, at six years, has seen retail rents drop by 17.6% since their peak in 2018.
Owing to recent changes to the process, the agent said not all business owners will be aware that it is down to them to get their values checked. Additionally, the firm said there was a risk that the Valuation Office will not get through a backlog of appeals in time for the deadline, since many businesses submit theirs at the last minute.
Ryan Jones, partner at Cluttons, said: “Along with the high level of UBR, these changes make business rates a much bigger problem than previously on top of various reliefs ending and two years of pain for swathes of commercial property owners and tenants. The 2023 rating list is no easy feat to compile, with many commercial property sectors showing a decline in rental values and a notable lack of transactions.
“Businesses need to be aware of their likely liabilities before the window closes and potentially incorrect bills are set. Cluttons is offering business owners of all shapes and sizes a free audit of rateable values, which may highlight savings that can be backdated to 1 April 2017, potentially saving thousands at a time when it has never been more needed.”
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