Old Thorns Hotel instructed us to review their business rates liability for the 2005 and current 2010 Revaluations. The Hotel complex had gone through a significant number of changes and was continuing to be affected by a comprehensive redevelopment programme.
We surveyed the premises along with their alterations and reviewed their Company Accounts (this is required for valuing hotels for property rates).
We were able to build a case for reducing the rateable value following an analysis of the actual accounts compared with those of a hypothetical occupier; (as required for rating) including a reduction for the impact of the works on the day-to-day running of the hotel.
Negotiations with the Valuation Officer led to reductions in the 2005 rateable value which produced savings for the Hotel approaching £70,000, with further savings anticipated during the 2010 Rating List.
Rateable Value Savings Summary
* Actual savings during revaluation as a result of rating list reductions.
2005 rateable value saving £55,000.