Following on from our FindaLondonOffice article on business rates, our recommended ratings adviser Peter Barber approached us regarding the big hikes in office rental rates that will take place on April 1st 2010.
April 1st 2010. The day the new Rating Valuation List will come into play.
Many London office occupiers will see a large hike in their rates bills, particularly in the West End. Early notice of the new Rateable Values is being sent to rate payers, so plan your budgets well in advance, because even if you appeal the new figure you will still be liable to pay in full until the appeal is settled and this can take a couple of years to achieve.
What should you do to minimise your payments?
Appoint a Rating Surveyor pronto. They can advise you on the new figure and make the appeal for you. Like FindaLondonOffice, our recommended advisor’s fees are based on success, any costs can be paid out of the refund if the appeal succeeds.
Don’t waste time fretting about that notice from the Government, get yourself a specialist adviser as soon as possible.
I have already recieved my new Rateable Value on my Office space. Only small print told me that this doesn’t apply until 1 April 2010. I am amazed at the uplift.
Apparently the new figures apply to all commercial properties in the Country, but West End Offices have been hit by the largest rises.
With such substantial increases on the horizon, finding an experienced Rating Adviser is your best bet. With a success based fee, you have nothing to lose in doing so.
About Ian Kitchener
Ian graduated from Keele university with a degree in Philosophy, Politics and Economics and went on to obtain a Post Graduate diploma in Property Valuation and Law from (London) City University. He has advised Central London office occupiers for over 20 years. He loves fighting their corner and making sure they get what they need - a great office on the best commercial terms available. Ian feels that www.FindaLondonOffice.co.uk have identified a real gap in the market - to find the perfect office and then provide expert advice on the commercial negotiations against often very canny landlords. The speed and skill with which the FindaLondonOffice team do this can often make a significant contribution to their clients profitability. Ian lives in North London with his wife and 3 young children. Read more about Ian Kitchener.
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Fantastic news. We run a property to let site and I believe this is the sort of news our clients deserve to hear about. I shall be poking around for an rss feed or maybe it’ll have to be a link to this article.
This is good news for some but a very long process of saving money, with the ecomonomy still struggling and more businesses needing to save money office overheads could mean losing a member of staff. At least there are processes in place to help businesses get the best deals but naive business owners or businesses with little time to research may miss out.