The business rates industry is entering an exceptionally busy and complex period over the next few months. If you’re subscribed to our Insight Service service, you will have already received our communication regarding the policy paper released in February, Business Rates: Forward Look. This document outlines several critical reforms, including the new multiplier structure set to take effect next year. The new system will introduce five different multipliers: two for small properties, two for standard properties, and one for large properties. The exact rates for these multipliers are still pending.
Getting our heads around new multipliers is one thing, however next year we also face the 2026 revaluation as we move into three-yearly schedules. Due to come into effect on 1st April 2026, the revaluation will be based on rateable values from 1st April 2024.
As deadlines loom and key information remains pending until the autumn, the pressure on Local Authorities continues to build. However, one aspect you can be confident in is business rate retention. Our Maximise Business service is specifically designed to maximize business rate revenue at every opportunity. We recognize that each Local Authority has unique needs, which is why we offer a tailored service rather than a one-size-fits-all solution. Whether you’re managing a rural district or a bustling city, our expert research team works tirelessly to identify missing or overlooked hereditaments that may have previously gone unnoticed.
Our Maximise Business service consistently delivers outstanding results for clients nationwide. We take pride in supporting over 140 Local Authorities, and the success of our efforts is evident in the outcomes we achieve.
The first quarter of the new financial year has been particularly strong, underscoring our commitment to delivering continuous value to our clients. Since April, our dedicated team has successfully added over £22M in Rateable Value to the rating list, generating a yield of over £18M for Local Authorities signed up to the service. Our referrals include a multitude of cases, not only new hereditaments but improvements and alterations to existing hereditaments as well. Additionally, we have a specialist research team on hand to help uncover even the most complex of cases; aiming to ensure discrepancies are referred and rated correctly.
As we begin our approach to the end of the current rating list, it is our goal to ensure clients are not missing out on any backdated liability; utilising the benefits of our Maximise Business service to ultimately aid in the reduction of pressure that Local Authorities are facing.
Now is the perfect time to enquire about what our team can do for you. If you would like more information about the Maximise Business service or any of the we offer, please contact your Analyse Local Client Manager, or email ‘info@analyselocal.co.uk’.