If you're a small business and feel you've been paying too much for your business rates, then you have until 31 March to appeal to the Valuation Office Agency (VOA). You could be able to claim for a backdated reduction in the rates paid since 2005.
The VOA sets the business rates for traders in traders in England and Wales. New business rates are set to come into force on 1 April.
The Forum of Private Business (FPB) says that around 160,000 small businesses have already won rebates in the past five years, but many others may not realise that they are eligible for a reduction.
According to the FPB, there are two main grounds for an appeal against rateable value. One is if you can show that you're paying more than neighbouring properties – as a business owner you can check the
VOA website to find out what these premises pay and see if they have appealed against the amount.
Secondly, you can appeal if you can prove there has been a ‘material change' in your circumstances since 2005. This means that something in your immediate surroundings has changed, which has had a detrimental effect on trade. This could be streets closed off due to road works or a high proportion of empty shops.
The VOA, which sets business rates for five years, has been sending out the new bills for 2010 to 2015 since February. It's asking businesses to check if their details are correct and get in touch if they have any concerns.
You also have the general right to make one appeal against the new rates, says the FPB. These are based on rental values in April 2008, around the peak in the market, says the FPB and values have certainly fallen since then.
Do you think your current business rates are too high? Drop us a line.
