Business rates Our Solutions, Your Savings Business Rates Typically Equate to Approximately 45% of Annual Rent
What are Business Rates? How We Can Help Business rates are a tax on Since Business rates are based on the Authorities’ or Valuation Office’s estimate of the right to occupy commercial the annual rental of a property, the calculation of them is often open to challenge. property and typically equate The Knight Frank Business Rates team consists of both chartered surveyors to approximately 45% of annual and audit specialists, drawing on over 45 years of experience in managing the rent. As such, they represent complexities of the rating system. Our role is to actively seek to reduce your rate one of the largest overheads for liabilities, ultimately placing your company in a better financial position. businesses and substantially impact on the profitability of What We Do many organisations. In simple terms, we use our experience and knowledge of the rating system to mitigate your rate liabilities. If excessive assessments are identified, we can lodge How are Business Rates an appeal with the Valuation Office, with the aim of securing a full refund on past Calculated? payments and a reduction in your rate liability going forward. We advise clients on traditional accommodation such as offices, industrial and Business rates are calculated by retail premises as well as specialist properties such as hotels, leisure facilities multiplying the ‘rateable value’ and museums. We are also able to provide strategies to minimise rate liability if of a property by the uniform a premises is empty, only partially occupied or is adversely affected by external business rate (UBR). factors such as major building works. The ‘rateable value’ is the Valuation Office’s estimate of a property’s market rent at a set valuation date. We are currently Our role is to actively seek in the 2010 Rating List with to reduce your rate liabilities, rateable values being based on ultimately placing your company a valuation date of 1st April 2008. in a better financial position.
Case Studies
Client: LA Fitness Client: Investec Client: Westminster City Council Property: Doncaster Head Office and over Property: Gresham Street, City of London. Property: Substantial operational 100 prestigious health clubs. Service: Full Business Rates Service. and investment portfolio of Service: Full rate payment management & Result: 2010 rating list successfully approximately 500 properties appeal work. negotiated. Total savings Service: Full Business Rates Service. Result: Over £6 million paid in rates over secured: £1.2 million Result: Ongoing – Total savings to date the 2007/2008 period. £250,000 in excess of £3.5 million. of unclaimed rate credits secured. £1.9 million savings secured as a result of appeal work. lET US DO THE WORK
Services we provide Why Knight Frank? Effective management of your Business Rates can generate Knight Frank is the leading significant savings. Our comprehensive rating service can independent global commercial be tailored to your requirements with our complete property consultancy where your Mitigation Strategy covering the following services: business is our priority. Established over 100 years ago we insist on A Complete Business Rates Mitigation Strategy transparency, clarity and excellence in the service we provide to our clients; Rate Assessment Review you can be confident that your needs will be met by a wealth of expertise at Determine if the rating assessment is legally valid. every stage. Ensure the accommodation matches the assessment both in terms of area and demise. Our market leading rating team offer Review the rateable value using our extensive market knowledge. an unrivalled level of knowledge, Challenge excessive assessments and secure reductions. experience and success in their field. Full representation at the Tribunal Service Hearings. As a national service line we are well Monitor and react to any changes to the property positioned to ensure our client’s or surroundings over the life of the rating list. needs are met without compromise, regardless of location. As a Knight Rate Account Management Frank client you enjoy the benefit of a Forensic rate audit on past payments. dedicated case handler, acting on your Identify and secure all relief’s and exemptions. behalf and representing your interest Providing empty rate mitigation strategies. at every stage of the process. Full Treasury facility with payments by Knight Frank’s Accountant team. 24/7 web access to live rate liability position on Rates Calculator each property across the portfolio. See our unique online Rates Calculator All refunds tracked, secured and validated. to provide you with an estimate of your Full Representation at the Magistrates Court future rates payable. where invalid demands are contested. Visit knightfrankrating.com to use this service and for further information.
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Client: Bruntwood Estates Client: British Land Client: Minerva Plc Property: Former Royal Mail sorting office. Property: 8-12 Baker Street London W1 Property: Segas House, Ellis House, Link St Andrews Street, Manchester. Service: Empty rate mitigation whilst House, Croydon Service: Completion Notice Appeal. the building was awaiting Service: Following the expiry of the Result: Appeal successfully negotiated redevelopment. RV successfully Compulsory Purchase Order, the and assessment deleted. Client reduced on appeal and above vacant office assessments avoided an estimated Notice of intermittent occupation strategy were liable for Empty Rates. Assessment of £1.6 million and significantly reduced the Appeals served to delete the empty rates liability of holding costs. assessments on the grounds £700,000 pa. Result: Total savings in empty rates they were ‘no longer capable of achieved on this building since beneficial occupation’ April 2008 in excess of Result: Total savings achieved £500,000 £1.2 million. Our Clients We are proud to advise some of the leading organisations in the United Kingdom. Our relationship with our clients is at the core of our service. Through regular meetings, we can ensure that strategic rates advice is provided on all property decisions. Our successful track record is shown on our case Contact Details studies across this report. National Enquiries [email protected] T +44 (0)20 7861 5012 AELTCC ( Wimbledon) McAleer & Rushe Group London, Birmingham, Almacantar Metro Bank South England & Wales Ambac Assurance Minerva Keith Cooney [email protected] Arlington Morley Fund T +44 (0)20 7861 1111 AVAYA National Science Museums North West & The Humber Avestus National Union of Teachers Martin Howard Big Lottery Fund NESTA [email protected] T +44 (0)151 243 6072 Boden Orion Capital Partners British Land Orrick North East Ranald Harris Bruntwood Estate Osborne Clarke [email protected] Capital & Counties Pentland Group T +44 (0)191 221 2211 Carbon Trust Premier Cru Hotels Yorkshire & East Midlands Cardiff Bay Partnership Public & Commercial Services Union Richard Clark [email protected] Constellation Group Quintain Estate & Development Plc T +44 (0)113 297 2422
Crown Estate Reed Smith LLP Jeremy Wilson Hammerson RO Developments T +44 (0)114 272 9750 [email protected] Helical Bar SAWIS Henderson Global Investors Scottish Courts Service Scotland & Northern Ireland Iain McGhee Holland & Holliand Smurfit Kappa [email protected] Intel Corporation Stephenson Harwood T +44 (0)141 566 6026 Investec Talk Back Thames Neil Young [email protected] IVG Teva UK T +44 (0)1224 415 951 KPMG LLP The Garden Centre Group Rate Payment Manager L A Fitness Group Thomas Miller Sarah Hegewald Lancashire County Pension Fund Towry Law T: +44 (0) 20 7861 5012 [email protected] Matthew Clark Wholesale Westminster City Council
Testimonials
For Henderson Global Investors, active We have used Knight Frank's rating service over the management of Business Rates is one of the key last 10 years and we have always been impressed “components in controlling our accommodation “at their professionalism and the level of savings cost base. We use Knight Frank, and have for they have secured. We have no hesitation in many years, because of the results they achieve recommending them. on our behalf. They are proactive, innovative and Tony Grimes, Head of Facilities consistent, and we believe, the Number One firm Investec ” for Business Rates.
Fred Kinahan, Head of Facilities Management Henderson Global Investors”
For General Enquiries T+44 (0)20 7861 5012 [email protected]