Simple mistakes in appeals against business rate valuations are costing firms dearly, according to new research.
Rating advice firm Gerald Eve has warned that the Valuation Office Agency (VOA) is taking an increasingly tough line on mistakes in written applications. The simplest typo can lead to an appeal being declared invalid - and the appellant losing their rights of correction.
A failed appeal means that the firm in question will have to pay rates at the higher valuation - and they will lose the right to have their previous bills recalculated, even if the premises have been improperly valued.
Many firms are rushing to get last-minute appeals into the VOA, as applications will soon no longer be accepted for bills dating back to 2005. New valuations will soon be published, and many firms are concerned that their rates will increase significantly.
The average bill is reduced by just 3.1 per cent as a result of a successful application. Around 225,000 out of a total 1.8 million appeals have resulted in reductions.
