What business rates will I pay when I move office?
Understanding business rates and how much you will be paying will keep your moving office budget in shape
Business rates are the way in which businesses contribute towards the costs of local authority services. Apart from properties exempt from paying business rates, every commercial office space will have a rateable value which is an amount based on a professional assessment of the annual rent of their commercial property if it was let on the market on a fixed valuation date.
Business rates may not be one of the first costs you think about when you move, but it could be an important consideration - particularly for small business who need to mindful of costs. When you are considering a shortlist of office properties, ask your Commercial Property Agent about the what the Business Rates will be for each office. This way, you can factor those costs into your Moving Office Budget and it may even sway your decision of which office to go for.
In order to ensure that the rateable value of your office truly reflects the rental market, all commercial properties are re-valued every 5 years. It is important you seek advice from a Commercial Property Agent during this time to check that you are paying the correct rateable value, as they can appeal to the VOA on your behalf as they may be able to save you money. A commercial property agent will also: -
- Assess the impact of the revaluation on rate liabilities
- Submit and negotiate appeals against Rateable Values to secure savings in rates payable
- Ensure rates liabilities are mitigated in respect of redevelopment or refurbishment work
To plan your office moving budget or for professional moving support, just follow the links.
