Following the revaluation of business properties earlier in the year many businesses will have now been advised of their new rateable value which take effect from 1st April 2023 and will remain in place until 2026.
Whilst the basic property rate remains unchanged at 49.8p some of our clients have been assessed at significantly higher valuations. As some sectors continue to struggle with utility and other cost increases a higher rates bill could not come at a worst time.
The Small Business Support Scheme does remain to give support to smaller businesses, however the value from where it is applicable has been reduced from 15,000 to 12,000 with a taper relief scheme introduced for assessed values between 12,001 to 20,000.
It is very important where it considered the rateable value has been assessed at an inappropriate level, that an appeal proposal is made timeously as the deadline for such a document is 31st July 2023.
We would suggest the engagement of a firm of surveyors to deal with any proposal.