While the Retail Price Index (RPI) announcement at 3.2% in September 2013 continues to add to the steady rise in business rates liabilities, CVS, Britain’s largest business rates specialist, has delivered savings in excess of £200,000 for limestone quarry operators, Lhoist.
This is a major saving on what is often one of the top three costs for businesses. CVS is arguing that many other industrial businesses could similarly benefit if they investigate their business rates liabilities. While the Government continues to avoid solutions to improve the business rates system, such as a move to using the Consumer Price Index (CPI) instead of the RPI as a base for inflation of rates, and grounds to allow for appeal based on economic circumstance, businesses will remain in a fight for survival.
Currently, an appeal is the only way to potentially reduce rates liability, as Lhoist found.
On completion of a full valuation of the site in Buxton, the CVS surveying team argued for allowances on the building due to the age and obsolescence of many individual items.
The Valuation Office Agency (VOA) accepted this argument and deemed the Rateable Value (RV) too high. A fantastic reduction for the business was achieved and is already producing savings for Lhoist.
Alistair Lough, Business Support Services & Finance Director at Lhoist commented on the service and results delivered by CVS.
“We were extremely satisfied with the service provided by CVS which ultimately resulted in an RV reduction of £65,000. Throughout the process, we were kept informed of the appeal progress and the possible outcomes. We would be happy to retain CVS in the future.”
CVS employ over 275 dedicated Rating staff, led by a national network of Chartered Surveyors, all of whom have a vast amount of experience in various specialisms, securing reductions for a broad range of clients across all industries. Steve Plowman, Rating Director at CVS, was the Surveyor working with Lhoist.
“Lhoist operate a large limestone quarry with a range of specialist plant and machinery utilised in the processing of stone. It was imperative that I had a thorough knowledge of this equipment, which in turn enabled me to accurately value this major element of the Rateable Value.”
Lhoist produces the purest lime available in the UK and delivers high quality lime based products to both UK and international customers.
CVS Commercial Valuers and Surveyors
Tel: 0800 043 0091
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