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Name, Title - Spira Projects Ltd
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Please contact CVS Customer Support on: 0161 291 0330
Please contact CVS Customer Support on: 0161 291 0330
Please contact CVS Customer Support on: 0161 291 0330
| Year | Current Annual Payment | Revised Annual Payment | Potential Savings |
|---|---|---|---|
| 2010/11 | £ 000,0000 | £ 000,0000 | £ 000,0000 |
| 2011/12 | £ 000,0000 | £ 000,0000 | £ 000,0000 |
| 2012/13 | £ 000,0000 | £ 000,0000 | £ 000,0000 |
| 2013/14 | £ 000,0000 | £ 000,0000 | £ 000,0000 |
| 2014/15 | £ 000,0000 | £ 000,0000 | £ 000,0000 |
| Total Potential Savings: | £ 000,0000 | ||
Find out how much money your company could potentially save on its business rates, with our business rates calculator.*
Calculating your Business Rates Reduction...
* Potential savings are based upon CVS’ average saved during the 2005-2010 rating period, whereby 18,000 clients on average saved 10.1% per annum on their business rates. However each case is considered separately and dealt with on their individual circumstances.
9.2% Average Reduction No upfront fees
Appeal your Business Rates with CVS
Businesses and other organisations that occupy commercial premises pay non-domestic rates, often called ‘Business Rates’. This is an annual contribution made to the cost of services provided by local authorities and the emergency services. The charge that you pay is based upon the rateable value of your property which is assessed every five years.
On the 1st of April 2010, the new Rating Valuation saw these property values rise significantly consequently increasing property overheads for many business owners and managers across the country. Based upon comparable data and industry insight CVS believes that many business managers and owners could make substantial savings by appealing their current business rates.
CVS are in a unique position to maximise savings on your business rates, we believe this because:
• We do not charge up-front fees.
• We have more dedicated rating staff than any other firm in the UK.
• We have a national network of specialist rating surveyors.
• We hold the largest in-house comparable property database of rating comparison information.
• During the 2005 - 2010 rating list we saved our clients in excess of
£100 million.
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What are Business Rates?
Business Rates are a tax (much like council tax) on the owners or occupiers of commercial property. Rates are typically calculated on a ‘rental value’ of the property, usually around 43-45% of annual rent, making rates one of the largest overheads any business has other than rent. This obviously impacts substantially on the profitability of many organisations.
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When do I have to pay the business rates?
You will receive a rate demand from the appropriate billing authority around the 1st April each year. Normally you will pay in ten equal monthly installments.
Business rates are usually paid by the occupier of the property however sometimes, as a tenant, your rates may be included in the lease. This means that you still pay business rates but the landlord takes responsibility for the payments. Where the property is empty, it is the person entitled to possession of the property who is liable. Depending on the circumstances, this could be the freeholder, the leaseholder or some other person. -
Who assesses the rateable value of business properties?
The Valuation Office Agency (VO) of HMRC assesses the rateable value of all relevant properties in England and Wales.
Once in every five years the Valuation Office publishes a new rating list for each billing authority across the country, which shows the rateable values of all properties in its area. It includes the address and description of each property as well as the date from which any alteration to the rating assessment takes effect. This information is published on the VO website as it is a public document. -
How are business rates calculated?
There are two main factors: the rateable value of the property and the level of the uniform business rate (UBR), which is expressed as a fraction of a pound. Multiply the one by the other and in theory you would have the annual amount of business rates. For more details please see our business rates calculator which is available on the website navigation menu, which will also indicate the potential savings which CVS could achieve on your behalf.
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What is the uniform business rate (UBR)?
The UBR is the multiplier that is applied to the rateable value to calculate the rates due. Each year, except in the year of a rating revaluation, the UBR increases in line with inflation. For the rating year 20010/11, which runs from 1 April to 31 March, the UBR is £0.414 in England. An example of how this is calculated is shown below:
If you occupy premises in England with a 2010 rateable value of £40,000, you calculate your theoretical business rates liability as follows:
£40,000 x £0.414 = rates payable of £16,560
But this is not necessarily the end of the story. Rates bills can simply be incorrect or at times illegal therefore you should always check you are paying the correct amount. -
What is Rateable Value?
The rateable value of a property is roughly its open market rental value. There is a fixed date at which the rental value is assessed which is two years before each rating list comes into force. The most recent revaluation was effective from 1st April 2010. As a result, rental values for the April 2010 list are based on market conditions in April 2008.
Rating valuations take place countrywide every five years. The rateable value will also change if the ratepayer lodges a successful appeal or if its value is affected between revaluations due to physical changes to the property or its locality. -
What properties are subject to business rates?
Most business premises are assessed for rates and have a rateable value. Living accommodation is generally treated as domestic property and is subject to the council tax instead. Apart from living accommodation, there are several types of property that are exempt from business rates, including agricultural land and buildings, fish farms and most churches.
In some cases, business premises and living accommodation are in the same property and occupied by the same person. In these cases the property is known as a "composite". Typical examples of composite properties are a shop with living accommodation or a factory with a caretaker's house or flat. In these cases, special rules apply. -
Do I pay rates if the property is empty or partly occupied?
Generally the answer is yes, however there are some concessions. In England and Wales there is no liability for rates for the first three months a property is vacant, or for the first six months for industrial and warehouse property. After that, rates are payable at the full occupied rate.
Empty rates are not payable on vacant storage land, listed buildings, premises in England and Wales with a rateable value below £15,000 (previously £2,500) and empty properties of companies in administration or liquidation. The billing authority has discretionary powers to grant relief where a property is temporarily only partly occupied. If relief is granted, the rateable value will be apportioned by the valuation officer and full rates will be payable on the part that is occupied and empty rates will apply to the unoccupied parts of the property. -
How do transitional arrangements work?
The rules governing the transitional arrangements are complex but broadly, transition was introduced to phase in some of the largest changes in business rates arising from revaluation. As the rules are so complex, it would not be sensible to go into too much detail as these can only be dealt with on a case by case basis.
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What are Business Improvement District levies?
A Business Improvement District (BID) is a partnership between a local authority and the local business community to develop projects and services that will benefit the business environment within the boundary of a clearly defined commercial area. There are over 75 BIDs currently, with a cost implication for all property occupiers in a BID area. BID levies are normally based upon a property’s rateable value and many are charged at between 1% and 2% of the assessment.
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What are City Supplements and why do some areas pay more?
City Supplements are a levy on the Business Rate in order to fund particular local projects that contribute to the economic development or regeneration of an area. These are called BID Schemes (Business Improvement Districts) which, if successful, run for five years. There are over 60 BIDs already established in the UK with more planned in the future. For example, additional terrorism cover, funding of the Olympics 2012, etc.
CVS can advise clients on the financial impact of existing BIDs or proposed schemes. -
How will the Business Rate Supplement Bill affect me?
The purpose of this Bill is to give upper tier local authorities (county councils, unitary authorities and, in London, the Greater London Authority) the power to levy a local supplement on the business rate and retain the proceeds for economic development. An example of this is the Crossrail Business Rate Supplement which was [check] introduced in 2010.
The main elements of the Bill are:
• Creating a new power for upper tier local authorities to levy a local supplement on the business rate and to retain the proceeds for investment in that area.
• Providing safeguards for business, including: a requirement that proceeds should be spent on economic development; consultation and, in certain circumstances, a ballot of businesses that would be affected; a national upper limit to the levy of 2p per £1 of rateable value; an exemption for all properties with a rateable value of £50,000 or less.
• Flexibility for authorities to: decide the duration of the supplement; reduce liability for the supplement for properties above the £50,000 threshold; and to decide whether to offset Business Improvement Districts levies against liability for the supplement.
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Are there other reliefs from business rates?
Charities and Community Amateur Sports Clubs receive 80% mandatory relief. Non-profit-making organisations may apply to the billing authority for discretionary relief (up to 100%). This application must usually be renewed each year.
As of the 1st April 2005, small businesses could apply for Small Business Rates relief as long as the aggregate RVs of their main and any ancillary properties are below £15,000 (below £21,500 in London). Relief is available at 50% for assessments less than £5,000 and the amount of relief reduces on a sliding scale to nil at RV £10,000.
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