The 2024/2025 financial year is bringing a number of changes affecting the business rates of ratepayers across the country.
As new bills are slowly being received by businesses, we wanted to give five quick things to check on your new bill.
1 - Check the basic information is accurate
Is your bill addressed to the right business or person?
Even if you've received the bill and its broadly accurate; if you have multiple Limited companies, or you've recently incorporated as a Limited company then an inaccurate name could be creating a barrier between you and a discount.
Is the address correct?
Again, even if its broadly accurate, a slightly incorrect address that lacks specify and uniformity with your actual property could suggest you are paying for areas that you do not use.
Is your rateable value correct?
Your bill will state your 2023 rateable value, you can check how that rateable value is being calculated on the Valuation Office Agency's website. If you notice parts of your valuation that do not exist or generally believe the value to be too high, please get in touch and we can conduct a no obligation audit of your property.
2 - Check transitional relief
Transitional relief limits the amount your liability can increase by year on year. It can be complicated, particularly as in 2024/25 the up cap now includes inflation, adding just a little bit more maths to the equation.
We've included a table showing the various caps that your liability can rise by based on the size and location of your property below.
If you have any questions about transitional relief and would like peace of mind regarding your bill, please do get in touch.
3 - Check if you've lost any reliefs
If you were previously receiving relief for your business rates but have now seemed to have lost them, please get in touch. There may be a valid reason why you've lost eligibility, but it is always worth double checking.
4 - Check for any credit on your account from previous years
Your bill will mention any credit that has been transferred from previous years. It's worth considering whether it is your interest to claim this credit as a refund.
If you leave the credit on your account, your monthly instalments will be lower, effectively meaning you are receiving the benefit of the credit over the course of the year. For some this may be preferable, but for many others it's nice to have the cash in your pocket now.
5 - Check if you qualify for any of the new reliefs
Improvement Relief is a new relief starting in 2024/2025 providing 12 months of relief for qualifying improvements made to your property. If you have made any improvements to your property and would like to know whether you could be eligible for this relief, please get in touch.
Eligible film studios are also now eligible for 40% business rates relief. This is set to be applied proactively, however, if you are a film studio and do not receive the relief, please get in touch
To find out more about anything we've mentioned above, or if you have any other questions about your business rates, give us a call on 0208 0950 990 or info@hollowaybond.co.uk.