Adrian Smith of AS Rating highlights the importance of taking a business-like approach to rates.
At AS Rating we’ve been dealing with business rates for more than 40 years. We take it seriously, and we are delighted that 360 Chartered Accountants does the same.
We recognise between us that business rates are a significant overhead, unavoidable for many businesses, entirely avoidable for others, and certainly manageable for all.
Every business owner prefers certainty over surprises. They should manage their rates in the same way as they manage their salaries and rents, although the experience around the 2017 revaluation suggests more than some took their eye off the ball.
The smart movers were on the case well before revaluation took effect, but the real winners are the people who routinely include rates in their business planning.
Every business has a legal and moral responsibility to pay the fair business rates for which they are liable, and the safest and best way is to adopt a proactive approach, making sure you are fair to yourself and to HMRC.
Key factors influencing your rateable value may include extensions to your property, or improvements to the area in which you operate. You should consider the rating implications around these issues in the same way as you would when planning a move to new premises.
You should also consider the various types of business rates relief. Small business rate relief is the most widespread and underwent a big change as part of the 2017 revaluation. If you’ve got a grievance you need to be aware of the Valuation Office Agency’s “Check, challenge, appeal” process, and of the fact that it can be time-consuming.
And of course you need to remember that in times of regulatory change all sorts of organisations will offer to help. The fact that you are reading this site indicates that you already know the importance of dealing with professionals rather than opportunists.
With over 25 years’ experience, principally gained as a Valuer working with the Specialist Rating sections of the Valuation Office Agency and almost 10 years’ experience as an independent rating surveyor, Adrian Smith provides a comprehensive, efficient and cost effective service that encompasses all aspects of business rate liability. If you have any business rates queries please feel free to contact Adrian at ade@asrating.com or call 01482 623930.
