With the new financial year approaching, we take a look over the last year and the 2023 rating list.
The new list, which took effect on 1st April 2023, introduced a range of changes. Set to remain in place for three years (until 31st March 2026) and based on rental values from April 2021, the rateable value (RV) of large industrial properties saw the most significant increase, whilst the RV of retail and office properties decreased, as expected. Despite these changes to the rating list and reliefs, our in-house training ensures that the team stays up-to-date and adaptable to industry developments.
The Maximise Business team worked diligently over the past year to ensure the new list is maintained accurately and up to date. Over the last financial year alone, our team has referred over £112 million in undervalued or missing liability to our clients across the country. Whether we are serving a rural Billing Authority (BA) or a large city, our specialist team are adept at tailoring their approach to meet the needs of our clients. Through our service, we help local authorities maximize both their retention and rate base.
This last financial year our researchers have successfully referred more than 2,700 cases spanning a variety of property types, this can range from large industrial hereditaments to specialist renewable plants, using cutting edge modern technologies, including AI, to identify missing liabilities.
With the 2026 revaluation on the horizon, we expect the draft list to be released in winter. While increases across certain sectors are expected, we have previously reported extended relief for retail hospitality and leisure (RHL). Additionally, changes to charitable relief for independent schools and adjustments to the multiplier will affect a wide range of property types.
As always, we will leverage these changes to further develop our lead generation efforts, creating new opportunities for our team.
If you are interested in the Maximise Business service, please get in touch via info@analyselocal.co.uk. Existing clients can also contact their Client Manager.