Business Rates

[Chrisgr31]

For anyone with a business property there is a revaluation in 2023 which will reset values to those at 1 April 2021 - which due to Covid will be interesting.

The new Rating List is due to be published by the end of the year, probably late October and hopefully at the same time the rate in the pound will be announced. There may be changes in the appeal rules etc but we don’t know yet.

Rating surveyors will be seeking instructions both for the current list and for the 2023 list. Before signing with any surveyor be sure you know what the fee basis is, and what the cancellation policy is. Check the fee basis is reasonable and ensure the contract actually says what the salesperson has told you!

There are press releases etc about the likely affects of changes coming, remember that at the moment it is all speculation.

[surveyor]

I'm guessing that the usual suspects are at play?

[DaveA8]

There was a post in the Finance section about whether to buy an office type building as an investment. I posted that after selling my office business unit, my life was considerably easier. The rates were a constant drag only making me realise how quick a month goes. We considered every angle but ultimately for a proportion of the time, they were payable. I'm sure you guys would know much better but I heard that even the void period reliefs at end of lease etc were not so generous.
I certainly don't miss owning a small stand alone office.

[Chrisgr31]

surveyor said:

I'm guessing that the usual suspects are at play?

You would be right

[Chrisgr31]

DaveA8 said:

There was a post in the Finance section about whether to buy an office type building as an investment. I posted that after selling my office business unit, my life was considerably easier. The rates were a constant drag only making me realise how quick a month goes. We considered every angle but ultimately for a proportion of the time, they were payable. I'm sure you guys would know much better but I heard that even the void period reliefs at end of lease etc were not so generous.
I certainly don't miss owning a small stand alone office.

There are some things that can be done to limit the rates paid whilst a property is empty, but yes, unless the building is Listed some rates will be paid whilst its empty.

It amuses both my wife and the caretakers of some of the buildings we manage that on occasions I spend my time moving cardboard boxes!