Several months have passed since the 2017 Revaluation was introduced and shocked garden centre owners across the UK have been seeking expert advice over recalculated rates as they are hiked up by as much as 50 per cent.
Chris Primett said clients had discussed concerns that new Rateable Values could cripple their businesses.
“The new Rateable Values were published on September 30th last year, based on the Valuation Officers’ estimate of a property’s rental value as of April 1st 2015. These will replace those Rateable Values based on market conditions on April 1st 2008 – a period of seven years in which the UK property market has seen enormous shifts.
“There has been a huge amount of concern surrounding the new calculations,” he explained. “As it stands, 165 UK centres now face rate increases of up to 25 per cent, while a further 81 are dealing with hikes up up to 50 per cent, and as such we’ve referred a number of concerned clients to our Business Rates colleagues at our parent company Harris Lamb.”
Andrew Hulbert, Director of Harris Lamb’s Rating team, explained: “The aim of the revaluation was to reflect these shifting market conditions, and produce a fairer rebalanced spread of the tax from both a geographical and market sector perspective.
“The introduction of the new Rateable Values signalled the closure of the 2010 list, and ratepayers’ ability to appeal against their previous RVs has now been significantly restricted.
“The financial impact within the sector is huge, with the potential to put some centres out of business, so we’ve been working closely with MSC to guide clients through the Government’s new Check, Challenge, Appeal process in order to get them recalculated.
Andrew added that while many centres were facing increases, 46 garden centres would see a decrease in RVs of between 25 and 61 per cent.
“Each centre will have very different circumstances and that is precisely why it’s important to seek the correct advice; to ensure that everything has been assessed and calculated correctly. There is an ongoing critique into the way the new RVs are being calculated, but the onus is on owners to ensure they’re seeking the right guidance in ensuring they’re paying the fairest rates possible.”
Andrew will be attending Glee on September 12th alongside his MSC colleagues on stand 20G50-H51. To make an appointment to meet with him and discuss Business Rates, contact him at Andrew.email@example.com