BUSINESS RATES REASSESSMENT
An established licensed trade operator instructed Mike Hughes following the 2017 Business Rates revaluation process. The client had owned the freehold of the property since 2010 and the operation had moved from a pub that did food to a restaurant with licensed café during the day. The High Street location meant that the property was no longer sustainable as a traditional public house.
With the property having a business rates category of ‘Public House’ and such a category being valued on ‘fair maintainable trade’ this successful restaurant was being penalised for its success.
Mike identified that a change of category to ‘Restaurant’ could be justified to the Valuation Office Agency and as such local comparable business rates valuations would mean that the business rates would be substantially reduced.
With the ‘check-challenge-appeal’ system introduced in April 2017 a formal approach needs to be made to the Valuation Office Agency for alterations to the business rates of a property. Having a business rates professional such as Mike Hughes as your agent will allow for an immediate assessment of business rates without incurring unnecessary costs.