Award Winning
commercial property solutions
The recent floods have affected the whole of the UK and it has been especially tough for businesses, with many struggling, literally, to keep their heads above water. However, there may be some respite says commercial property agent Prop-Search, as businesses may be able to mitigate their business rates liabilities.
Whilst flooding will not automatically mean a reduction in a business rates liability, individual circumstances apply, so it is definitely worth investigating further. There are various opportunities to mitigate a rating liability by seeking temporary relief for occupied and unoccupied commercial properties and hardship based on falling business/trade.
Samantha Jones, a Surveyor at Prop-Search, says: “Relief may by up to 100% in some circumstances however the likelihood is a temporary reduction during the effects of the flooding including the repair period. If you continue to trade from your premises there may not be an allowance granted although you may seek to reduce your existing Rateable Value. The business would have to demonstrate that they would sustain hardship if relief wasn't granted and cases would have to be considered on a case by case basis.”
Prop-Search advises that some properties may actually be able to be removed from the rating list altogether however there are pitfalls here that need to be discussed especially if you currently receive small business rates relief and you intend to re-occupy the property in due course. You may lose your existing relief! Where only a part of your property is affected there may be merit in splitting an assessment which provides rates relief overall.
Further information or advice can be obtained from Prop-Search - Tel: 01933 223300 / 01604 492000 or its website: www.prop-search.com