Steel Manufacturer reduces business rates numbers with RVA Surveyors
Case study:
Specialist Steel Manufacturer | Dudley
Specialist manufacturers and suppliers of chain, wire rope and marine fittings.
KEY
FACTS
£6,279
SAVINGS
Office
PROPERTY TYPE
The Client
Based in Dudley, West Midlands, our client are experts in the production and manufacturing of steel products for a range of uses including garden fittings, marine anchors, pulleys and more. Taking occupation of a warehouse in 2018 set in a famous area for its chain and anchor making, our client are experts in steel productions.
The Problem
Appointing RVA Surveyors to conduct an in-depth review, our client asked for assistance to see if their business rates liabilities could be reduced. It was during the review that several issues were identified evidencing the Rateable Value (RV) to be overvalued within the 2023 Rating List.
The Valuation Office Agency (VOA) had based the Rateable Value off old measurements dating back to 2006 with an area of 374m2. Yet when the surveyor inspected and measured the property the areas came to 291m2 in total, a significant reduction in size of the property. The previous assessment also included 2 mezzanines and heating within the property which would have been a major factor for the inaccurate RV, yet both were no longer present.
The inclusion of the mezzanines and heating will have increased created a significantly higher RV unreflective of the property, which if not rectified could increase their business rates liabilities further as we head into the 2026 revaluation.
The Solution
To start the process of going through a Check for our client, information and evidence would be required so our expert surveyor can build a strong case as to why the previous assessment was incorrect.
As the VOA had based the assessment on outdated plans dating back to 2006, the surveyor drew a new floor plan along with photographic evidence to support the new plans showing the removal of the mezzanines and heating systems. In addition to there being no heating present, the surveyor was able to apply a 2.5% heating allowance which would lead to a further decrease in the clients’ liabilities.
The Outcome
Once all the evidence had been submitted to the Valuation Office Agency (VOA) on behalf of the client, the VOA returned to approve the Check, successfully leading to a reduction in our client’s business rates liabilities from £26,000 to £19,250, with a total saving of £6,278.97 dating to the beginning of the 2023 rating list.
