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Could you win a rebate on your business rates?
A RECLAIMS agency estimates there is £2.8 million in overpaid business rates available to be clawed back by Knutsford businesses.
Commercial Valuers and Surveyors, CVS, says it has helped companies in the town reclaim £298,000 in overpaid rent on their properties since 2010.
The company use a database of comparable properties to form the evidence for a successful claim.
They are calling for a rates freeze and an overhaul to the criteria upon which rents are calculated, in order to help Knutsford businesses ‘hurting’ during the recession. Business rates rose 5.7 per cent in 2012, with an additional 2.6 per cent top-up this year.
Don Baker, chairman of rating at CVS, warned firms could expect year-on-year rates rises ‘for the foreseeable future’.
“We are also expecting the Government to change the business rates revaluation date to 2017,” he said.
“A delayed revaluation and a year-on-year rates rise of at least two per cent will be an intolerable pressure on businesses.
“Businesses will have to continue managing increasing overheads including rates, which are based on inflated 2008 rent levels in comparison to current rental levels in some areas and sectors.
“It is an issue that must be addressed with a rates freeze at the very least for the short term.”
CVS believe a backlog of 240,000 rates appeals places a £1.8 billion burden on the UK economy, the appeals system is outdated and takes too long.
However, CVS estimate 50 per cent of appeals still result in a rates reduction.
Mr Baker added: “The truth is businesses are hurting. Any rise in business rates will drive more businesses to the wall. If we are serious about growing the economy this constant pressure from rising outgoings on businesses must be addressed sooner rather than later.”
To find out whether your business might be entitled to a business rates rebate, ring 0161 291 0330 or visit cvsuk.com.