England has seen a 97 per cent drop in the number of businesses challenging their rates bills in the last two years, compared to the two years following the previous revaluation.
The latest statistics from the Valuation Office Agency’s Check, Challenge, Appeal (CCA)* business rates system is further evidence that the system is in urgent need of reform, as it is complicated and unnecessarily convoluted for SMEs who do not have the time to deal with unfair revaluations. They are therefore refraining from challenging the system, leaving thousands of businesses potentially paying incorrect business rates bills.
FSB National Chairman Mike Cherry comments: “The system needs to make sure businesses understand what they are being charged for so they can make a sensible judgement about whether to appeal or not. It must make sure smaller businesses know how their rates bills are calculated without having to lodge a formal complaint. There must also be a reduced evidence burden placed on them at the initial stages if they appeal their bills.
“Small businesses cannot afford a system in disarray.”
Specialist advisers to UK businesses
At Beavis Morgan, we have extensive experience of providing specialist advice and planning to SMEs across a range of sectors. We work with our clients to put processes in place which make it easier to run your business and to maintain effective management of your company’s working capital. We also assist with management accounts, enabling better control of your financial situation and awareness of the business in real time, enhancing planning for the peaks and troughs. We even liaise with HM Revenue & Customs on your behalf, so you don’t have to.
Contact Steve Govey or your usual Beavis Morgan Partner for further information about how we can assist you to remain profitable and increase your net worth.
*Source: Non-domestic rating: challenges and changes, 2017 and 2010 rating lists, March 2019 (experimental)