Starting a business can be a very worthwhile and rewarding venture, especially if you’re confident in the impact you’re going to make in the marketplace and have the resources to see things through. However, there are certain things about having a business that can blindside you if you aren’t careful. For example, if you intend to make use of a non-residential property as the foundation for your business, there are business rates you’ll have to worry about.
The cost of accommodation isn’t something to be taken lightly. It can make or break a business – especially startups. If you are eyeing certain properties for your business, it’s always best to review every aspect and ensure that you aren’t taken by surprise by the taxes that come with these properties.
The impact of business rates
Business rates are enough that they equate to about 45% of the annual rent an organisation has to pay. It is the main reason why business rates management can have such an impact on the rise and fall of businesses and whether or not they’re able to maintain their business successfully. Successful management is normally accomplished by availing of the services of business rate specialists to look through and mitigate certain liabilities found in your rates. After all, every business is unique and presents its challenges when it comes to calculating and figuring out how best to move forward with their business rates.
Making the right choice early on
It can be very tricky to get it right in the beginning because liabilities can be challenging to spot. While certain properties might seem like promising ventures, there are situations where the business rate could prove to be too costly for most startup businesses to maintain successfully. For example, choosing a property is all well and good, but have you considered certain factors that could be used to minimise the overall rates on that property? External factors such as construction around the area or even variables such as the property being partially occupied can make a big difference on rate liability.
The difference that a professional assessment can make
Market knowledge makes all the difference when it comes to successfully understanding and tackling liabilities on business rates. The experience of a professional team dictates their ability to mitigate rates, making things much easier for you moving forward. Reviewing the rateable value can be very challenging if you don’t have prior knowledge – and even those who know what they’re doing are bound to make mistakes here and there. You also need to determine if the overall assessment is even legally valid. The ability to secure reductions also matters, something that can’t be done without challenging excessive assessments.
To conclude, it would be unwise to underestimate just how much of an impact business rates can make for you and your organisation. Don’t allow yourself to be taken advantage of – make sure that you hire a capable team to review all of your liabilities and secure a profitable agreement for your business premises.