Seven ways …a ratings advisor can save your retail or hospitality business money
If you are a business in retail or hospitality, right now it’s looking pretty bleak. A business rates advisor can be a real lifesaver for retail and hospitality businesses in the UK, especially with the recent cuts to reliefs in the budget.
Andrea Barnes, Head of Business rates at Rerate, is an advocate for businesses and passionate about helping rates payers to save money on their commercial properties.
Here, she gives an overview on the many ways that a ratings advisor can support your business through these difficult times.
1. Review Your Rates Bills
· First off, they’ll take a close look at your current business rates and figure out how the relief cuts are affecting your bills.
· If there’s any confusion or mistakes in your rates, they will identify them and make sure you’re not paying more than you should be.
2. Challenge Your Rateable Value
· If your rateable value (the value used to calculate your rates) seems too high, they can help you appeal it with the Valuation Office Agency (VOA).
· Even without reliefs, a successful appeal can reduce your rateable value and lower your overall rates bill. So, it’s worth looking into if you think your rates are too high.
3. Plan for Future Increases
· With reliefs being cut, your rates may well go up over the next few years. A business rates advisor can help you forecast future increases and make sure you’re prepared.
· This kind of planning can be especially useful for businesses in retail and hospitality where cash flow is so important.
4. Find Other Reliefs and Discounts
· Even though the big government reliefs might be gone, there are still other reliefs and grants that could help, especially if you’re in retail or hospitality.
· Advisors know the ins and outs of things like Small Business Rate Relief, Discretionary Relief, and Hardship Relief. They’ll make sure you’re getting every discount or relief you’re eligible for.
5. Reevaluate Your Premises
· Advisors can also help you think about whether your business premises are still cost-effective under the new rates.
· If it looks like your rates are going to be a big burden, they might suggest downsizing, relocating, or renegotiating your lease to bring your costs down.
6. Help with Appeals and Negotiations
· If you end up needing to appeal your rates or negotiate with your local council, an advisor can represent you and help you build a strong case.
· Whether you’re facing a tribunal or dealing with your council directly, they’ve got the experience to handle it.
7. Local Knowledge
Another big perk of working with a business rates advisor is their local knowledge. Some councils offer special reliefs or support that are easy to miss, and they can help you navigate all the options available in your area.
Conclusion
A business rates advisor can be key in helping you make sense of all the changes, find ways to reduce costs, and ensure you’re not paying more than you need to. In a time when retail and hospitality businesses are facing higher rates, this support can make a huge difference.
If you need help finding a business rates advisor or want more info on the reliefs available to you, feel free to ask!
