Business rates are the second highest property cost after rent. Minimizing business rates costs is therefore an important consideration for any business.
Knight Surveyors takes a different approach to its competition. With over 20 years of experience, we apply a highly rigorous process to make sure no opportunity for savings is left unexplored. Regular client update meetings also allow us to fully understand any changes to your property portfolio and act quickly. These changes could include road works, scaffolding surround your property, or any disruption affecting footfall and trade.
Knight Surveyors will conduct a full review on your behalf to minimise your historic rates liability by investigating unclaimed temporary rates relief claims and making retrospective claims, which typically produce overpayment refunds. Furthermore, we will scrutinise all possible angles to reduce your rateable value.
Pre-emptive work is a key aspect of the advice we provide to our clients. By submitting future claims before a client move into a property, we manage to adjust rates bills before the client receives the rates demand, reducing the critical first years liability. When a client moves out of a property (in full or partial), we deploy various strategies and tactics to reduce the liability payable until the property is handed back to the landlord and the rates liability ceases.
Case Study
Cash Refund and Future Cost Savings through Rateable Value Reviews
I recently undertook a thorough property inspection for an independent food retailer on Canon Street. I identified that the floor areas in their rate assessment were incorrect and submitted a check against the rating assessment, which resulted in an overpayment refund of £30,000 and future savings of £20,000 realised in the next two financial years.
Case Study
Client receives a Rates Refund of £550,000
A client in the luxury fashion industry refurbished a shop on Bond Street and unfortunately this refurbishment took 12 months. I constructed an argument using case law and arranged for the property to be given a rateable value of £0 for the first 6 months when the shop was fully closed the public. I then proceeded to submit a claim against the new rateable value and arranged for a further 6-month relief to be applied to the part of the property closed to the pubic. Having noticed the alterations made in the refurbishment, I further identified a new opportunity for savings and successfully negotiated a 10% reduction in rateable value before the client received the rate demand. Prior to my work, the client had paid the full rates liability on the shop and my work saved the client in excess of £550,000.
Case Study
35% Rateable Value Reduction obtained for Occupiers in Westfield Stratford
After the Paralympics and the closure of the Olympic stadium, nearby businesses suffered considerably from reduced footfall. Acting as the chair negotiator, I negotiated on behalf of all occupiers located on The Street in Westfield Stratford and successfully secured a 35% rateable value reduction from the date the Paralympics ended up until the end of the rating list, creating both historic and future savings. Furthermore, I agreed significant price-per-square-metre reductions for a number of clients which was backdated to the date the shopping centre opened to the public. This in turn resulted in millions of pounds in savings for clients.