UK companies are being reminded that they only have three weeks left to reclaim overpaid business rates.
On 31 March 2010, businesses wishing to appeal against the level of rates paid since 2005, must make formal appeals to the Inland Revenue’s Valuation Office.
‘Many businesses have clearly been paying excessive rates for the last five years but after the 31 March they will not be able to reclaim the money,’ said Nicholas Wright of ratesrecovery.com.
Businesses rates are based on rateable values assessed by the Valuation Office. When calculating rateable values, the Office groups together properties that it believes are similar, however, many of these properties haven’t been evaluated for over 40 years.
Businesses have until the end of March 2010 to correct these rates otherwise they won’t be able to claim any refund from 1 April 2005.
Research by RatesRecovery.com found that there could be over £1 billion of refunds that will go unclaimed by businesses unless they take action before the end of March.
For more information about how to calculate your business rates visit the Inland Revenue Valuation Office.
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