Businesses across the UK of all different types, are racing to lodge their Business Rates appeals before the 31st of March.
New rules coming into effect on the 1st of April could cost businesses Tens of Thousands of Pounds, driving an increase in claims before the rules come into force.
“As things stand,” explains Paul Giness of the Beattie Partnership, “Businesses backdate claims following a successful rates appeal by up to 5 years. A successful appeal could mean a huge return of lost revenue. Under the new rules, that revenue will be much, much lower.”
Under new rules, announced in the Autumn Statement and coming into force on April the First, businesses will not be able to backdate ratings appeals before 2015. Going forward, backdating will only stretch to 2 years, with April 2015 as the earliest claim date.
The cost to businesses who have been rated wrongly and paying more than they should for years could be drastic.
“It is, quite literally, a potential loss of Tens of Thousands of pounds in overpaid tax that they’ll no longer be able to claw back,” continues Paul. “That’s why we’re keen to help so many of our clients, old and new, to get their appeals in as soon as possible.”
There is still time to claim but it is worth consulting an expert first. With a large number of companies racing to appeal before the deadline, it is recommended that businesses act fast to raise this an expert, so the appropriate advice can be given, if an appeal is recommended before the deadline.
“The VOA is already racing to meet its own July deadline for clearing a long-standing backlog. A glut of appeals could slow things down even more.”
If you’d like to speak to an expert about your business rates, please call The Beattie Partnership on 0161 228 2224