Update on Business Rates Revaluation
New rateable values from 1st April 2017 – available online now. Take the right advice.
The Valuation Office Agency published the first draft of their proposed 2017 Rating List Rateable Values on Friday 30th September. This is the first national revaluation for 7 years. For most the relevant information can be found on the following link and entering your golf venue’s postcode https://www.gov.uk/correct-your-business-rates.
At the time not all golf property rateable values were published however should be imminently. For those venues where information is now available, the general trend appears to be that around 66% have the same draft value as their current 2010 listing and therefore rate bills next year will be similar to the current bill.
The remaining venues will have seen values of plus or minus 7% with some significant increases across a few. For those with the largest increases then a considered strategy will be required and advice is essential.
Many of you will have had approaches from firms wanting to act on your behalf claiming it’s imperative to act quickly. This is potentially misleading however as for 95% of clubs there is no panic or rush to do anything.
Our expert, Mark Smith of Smith Leisure states “I am convinced that the best way to maximise the much needed reductions in the business rates burden on the UK golf industry is to take a carefully considered and measured approach – especially with the new statutory process for challenging rate bills called “check, challenge, appeal”. A very robust case will be required, focusing on the principle issue of golf venue rental values and what affects them on the relevant valuation date of 1st April 2015. If we don’t do this, we will almost certainly fail. Strong knowledge of the quirks of the UK golf property rental market will be absolutely essential to put a convincing case to the Valuation Office and ultimately to the independent Valuation Tribunal for England. Many firms purporting to be ‘experts’ in this important area will never had negotiated a golf club rent review/lease renewal or let a golf venue in the past.”
If you would like to discuss this matter further or require any further information, please get in touch and ensure you have the right advice.
Contact us now by emailing rachel.mould@materialmattersltd.com or call 01252 621114.