31 March, 2015 is the cut-off date for appeals against business rates. Business rates are one of the biggest overheads on commercial property and companies could lose out on five years' worth of refunds if they haven’t taken note of this important date.

Business rates are calculated according to the estimated rental value allocated by the Valuation Office Agency or the Scottish Assessors Association in Scotland. They are usually payable by the occupier, but where a property is empty they would normally be owed by the landlord. 

Valuations to calculate business rates take place every five years, though this year’s revaluation has been postponed until 2017. But as the estimation of a rental value for properties is an art rather than a science, there is scope for negotiation and to appeal against a property’s rateable value. 

Currently occupiers and landlords can appeal rateable valuables as far back as 1 April, 2010, but in the Chancellor’s 2014 Autumn Statement it was announced that after 31 March appeals can only be backdated to 1 April, 2015. So if companies or landlords think they have been paying an incorrect rate they need to get their appeal applications in as soon as possible. 

Submitting an appeal is relatively straight forward, though it does need to be done accurately to avoid being marked as invalid. It would be prudent to undertake a full review of the existing assessment prior to the application as there is a chance values could go up as well as down - blind appeals are definitely not recommended.

With the deadline rapidly approaching, now's the time to rethink your rates, before it's too late.  

Further information

Contact Savills specialist Rating team for details of how to manage and minimise business rates liabilities.