Time is running out for hotels to reclaim overpaid business rates
Hotels are being warned that they have only weeks left to reclaim tens of thousands of pounds each in overpaid business rates from the last five years.
Manchester-based Commercial Valuers and Surveyors (CVS), which has helped its hotel clients save over £7m by challenging the amount they pay, said that hoteliers were spending an average of 13.4% per year too much on their business rates. The deadline for reclaiming overpaid business rates is 31 March.
Nearly 13,500 hotels were assessed during the 2005 Ratings List, with a total rateable value liability of £947m, giving an average rateable liability of £157,646. Successful appeals result in typical savings of more than £21,000.
By working with CVS on appeals to the 2005 Ratings List, hotels which made significant savings include the Lanesborough, London, which saved more than £1m, and the Donnington Grove Hall Hotel, Newbury, Berkshire, which received a 30% reduction in its rateable value from £185,000 to £126,000.
"Business rates are a major expense to any company, but it is often the case that the majority of commercial property occupiers are unaware that these rates can be challenged," said Paul Burnett, CVS head of rating.
"However, from 31 March, your rate to claim back overpaid business rates for the last five years will end when the next Rating List is introduced. This means that the clock is definitely ticking and time is running out to lodge an appeal against your rateable value before it is permanently altered.
For further advice and guidance on how all hospitality businesses can reclaim business rates, visit www.cvsuk.com or call 0161 291 0330.
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By Janet Harmer
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