Photo courtesy Charlie Round-Turner show photo

Auditel Ltd - Working in Partnership with Wandsworth Chamber to reduce Member's business overheads

Strategic Cost Management

Business Rates

and other Business Cost Reductions Options


Wandsworth Chamber of Commerce is helping businesses to appeal their Business Rates and reduce other operating costs.


Whilst we appreciate councils are simply the collection instruments of central Government, the sooner Business Rates are devolved to local authorities, the sooner we will be able to have a meaningful dialogue and a real opportunity to influence locally, for the benefit of our business communities.

 

Our new partnership with Auditel, will help Member businesses to reduce costs and investigate rent and rate valuations. Auditel have the expertise to help our members and will be committed to sourcing local suppliers whenever possible.

 

Business Rates in Wandsworth - What's Happening

Overall Rateable Values in the London Borough of Wandsworth, which are based on rental levels, are set to increase on the 1st April by an overall increase of 18% from £216million to £255million.  Of course this overall statistic masks some of the real pain being felt with many property types in Wandsworth experiencing larger increases. 

 

The largest increase in Rateable Value in Wandsworth is being experienced by the Puccinos café at Clapham Junction station which will see its rates assessment increase from £5,800 to £78,000, an eye watering 1293%.

 


The following table shows which property types in Wandsworth have increased the most.

 


Description

Total Draft 2017 RV

Total 2010 RV

RV Change

% Change

STORE AND PREMISES

£988,750

£670,250

£318,500

32.21

VEHICLE REPAIR WORKSHOP AND PREMISES

£1,280,500

£913,000

£367,500

28.70

DAY NURSERY AND PREMISES

£2,942,750

£2,099,500

£843,250

28.66

SURGERY AND PREMISES

£3,746,000

£2,744,250

£1,001,750

26.74

PUBLIC HOUSE AND PREMISES

£10,477,350

£7,971,075

£2,506,275

23.92

FACTORY AND PREMISES

£1,831,500

£1,415,250

£416,250

22.73

WORKSHOP AND PREMISES

£7,395,750

£5,847,500

£1,548,250

20.93

WAREHOUSE AND PREMISES

£14,550,000

£11,557,000

£2,993,000

20.57

SCHOOL AND PREMISES

£14,317,750

£11,447,750

£2,870,000

20.05

BETTING SHOP AND PREMISES

£1,361,250

£1,111,500

£249,750

18.35

SHOP USED AS OFFICES AND PREMISES

£1,567,250

£1,342,000

£225,250

14.37

BANK AND PREMISES

£2,910,500

£2,493,250

£417,250

14.34

OFFICES AND PREMISES

£36,281,250

£31,281,000

£5,000,250

13.78

RESTAURANT AND PREMISES

£10,706,500

£9,254,250

£1,452,250

13.56

SHOP USED AS OFFICE AND PREMISES

£1,071,000

£929,500

£141,500

13.21

SHOWROOM AND PREMISES

£1,854,500

£1,664,500

£190,000

10.25

CAFE AND PREMISES

£1,116,250

£1,009,250

£107,000

9.59

SHOP AND PREMISES

£55,183,250

£49,925,500

£5,257,750

9.53

HAIRDRESSING SALON AND PREMISES

£845,500

£776,000

£69,500

8.22

 

The government has introduced a transitional relief scheme to limit increases in rates bills although the amount of relief will depend on whether the property fits into a small medium or large category.  Small is defined as any Rateable Value up to £28,000 and large any value over £100,000.  For the largest Rateable Values the relief is limited and occupiers can expect to see their bill going up by approx. 45%.  For small properties the increase would be limited to 5% in the first year and 7.5% in the second year.  The government is reviewing this scheme and may change the details as part of the forthcoming budget.

 

Take Action

Ratepayers are urged to investigate whether their rateable value is correct as they have a right of appeal to seek a reduction in their rates. If the value can be shown to be excessive then the savings can be substantial.  Since 2010, 1 in 5 rates assessments in Wandsworth have proved to be wrong so occupiers should act quickly to avoid missing out on a rates refund.

 

Don't miss the Deadline

As we approach the 1st April at which time the new Rateable Values become effective the window of opportunity for businesses to review and appeal their current rates bill starts to close. On the 31st March this window closes for good and business loose the opportunity to appeal for the 2015/16 and 2016/17 financial years.  

 

Speak to the Experts

Recognising the need to offer additional support to it's members the Wandsworth Chamber of Commerce has been working with Auditel, a cost management business, to provide a rates review service. In conjunction with RatesRecovery, part of The Altus Group.


Wandsworth Chamber is offering businesses a very simple and risk free opportunity to review their business rates. RatesRecovery's qualified Chartered Surveyors make an initial assessment on whether an appeal is feasible they then seek to apply their knowledge of the industry and of the appeal process to achieve a successful outcome for the client. 


This service requires no up front fee, only if the appeal is successful do fees become payable and these are sourced from the savings achieved following the appeal.


The business not only saves time and money but he can rest assured that his rates review is in qualified hands.

 

 Check your Business Rates

Individual businesses can check their new rateable values and get an estimate of their new bill at https://www.gov.uk/correct-your-business-rates

 

About Auditel

Auditel combines powerful advanced analytical tools with an unrivalled knowledge base to monitor and examine business costs from every angle and keep expenditure under control. With the Total Cost of Purchase® process at its core, Auditel’s approach to strategic cost management delivers sustainable profit improvement, reduces waste and frees up in-house resources.

 

 

TO ACCESS AUDITEL SERVICES THROUGH THIS PARTNERSHIP 

AS A SUPPLIER OF SERVICES

OR

AS A BUSINESS MEMBER WANTING TO REDUCE OVERHEADS

JOIN WANDSWORTH CHAMBER TODAY

AND LOGIN TO THE MEMBERS AREA

Our Patron Members