Businesses of all sizes, from those occupying shops and offices to large industrial premises, are being urged to lodge Business Ratings Appeals as soon as possible as a deadline for new rules approaches.
To benefit from backdated savings, Ratings appeals needed be lodged by 31st March 2015 and ratings experts are warning that time is running out.
“It’s not something that George Osborne made a fuss of in the Autumn Statement,” explains Paul Giness of The Beattie Partnership.
“But the treasury are reeling from backdated rating appeals from the start of the tax year.”
From the First of April, businesses will no longer be able to backdate business rate appeals for the last five years, as they’re able to now. Any claims made after this deadline will not be backdated before April, costing businesses thousands of pounds in lost re-payments.
The savings for businesses in both the offices sector and in the industrial sector can be quite significant, of course.
“We’re strongly encouraging all types of businesses to get their rating appeals in as soon as they can,” continues Paul. “If not, they could be missing out on a lot of reclaimed revenue”. “However, I would recommend a measured strategic approach to appealing, as in some cases appeals are not recommended”.
From April 1st, businesses will only be able to save rates between 2015 and 2017, with 2015 being the new cut-off date. For many businesses struggling with business rates that have been set too high, this is a major blow, as they’ll no longer be able to claim much of their tax back again.
“That’s the bad news,” says Paul. “The good news is that there’s still time to get claims in ahead of the 31st March deadline. And if you do, then you’ll potentially be able to backdate them to 2010”.
Appeals are not always recommended, so businesses are being encouraged to seek advice on their business rates as soon as they can, so if appropriate an appeal can be lodged before the deadline.
For more information regarding your ratings appeal, please contact Paul Giness at The Beattie Partnership on 0161 228 2224.