Maughan Mitchell’s Post

More good news for our Lease Renewal team at Maughan Mitchell Chartered Surveyors. Read about it here. https://lnkd.in/gTJjk2uz #charteredsurveyors #leaserenewal #romsey #businessrates

Business Rates – 2026 Rating List https://lnkd.in/eeYRkGJU It may feel like the 2023 Rating List is fresh news, with us only recently entering into the second year of the three year Revaluation cycle. 1st April 2024, however, is marked as the Antecedent Valuation Date (AVD) for the forthcoming 2026 Rating List. Importantly, this means that future Business Rates tax liabilities, from 1st April 2026, will be based on rental values this year. Any businesses who have recently agreed a new lease, or are looking to take a new lease, over the course of this year, should therefore be mindful that their future Business Rates liability is likely to be impacted by their own agreed rent – Business Rates payable from 1st April 2026 = 2026 Rating Assessment (based on rental evidence, around 1st April 2024) x the government set Business Rates Multiplier / Rate Poundage (this is currently at 49.9p in the £ for properties assessed at below £51,000 and 54.6p in the £ for larger properties. Between now and the start of the 2026 Rating List there will also be a number of significant changes introduced into the Rating system, which it is important ratepayers are aware of. As a professional practice of Chartered Surveyors, specialising in the areas of commercial lease advice and Business Rates, Maughan Mitchell would be pleased to hear from you, if you need any advice regarding your current or future Rating Liabilities.

Business Rates - Double win for LV – Frizzell House and Victoria House, Bournemouth Through our partnership with Realest, Maughan Mitchell were appointed by Liverpool Victoria, to provide Business Rates advice across their property portfolio. Following a reviewing of LV='s portfolio, MM lodged a 2017 List appeal on Frizzell House, LV='s HQ; where we saw opportunity to present a reasonable case for the Assessment being high. Subsequent to detailed negotiations, with the Valuation Office, we successfully secured a Rates reduction from £1,180,000 to £1,040,000, backdated to 1st April 2017. This £140,000 reduction in Assessment, produced significant Business Rates savings, to our client, of over £340,000. Further to this exercise, we have also been able to secure over £40,000 of additional Rates Savings for LV=; by way of Empty Rates Relief at Victoria House, Bournemouth, which had become surplus to LV=’s operational requirements.

Business Rates – Carnival House, Southampton – 2017 List Reduction secured - £2.19m to £1.92m Maughan Mitchell were instructed to advise Carnival UK, in March 2023, through their property adviser Realest. With only a matter of days left before the close of the 2017 Rating List, to new appeals, we had to act quickly. The result was a reduction in the 2017 List Rating Assessment, from £2,190,000 to £1,920,000, backdated to 1st April 2017. The significant reduction, of £270,000 Rateable Value, produced useful Business Rates savings of over £800,000. Read more here: https://lnkd.in/ebqVNfV

Business Rates – Latest change – Improvement Relief, applies from 1st April 2024 https://lnkd.in/ena4-pue Maughan Mitchell have provided Director level advice, in the specialist areas of Lease Advisory and Business Rates, for over 30 years. We would be more than happy to assist where you need advice in relation to the ongoing changes and how they may impact your business.

2024 Spring Budget – A missed opportunity by the Government, to restore confidence and properly support our High Streets https://lnkd.in/dRBafGfu With the backdrop of Rates Bills being issued for 2024/25 by increasingly cash strapped councils and a gloomy economic outlook, Jeremy Hunt, gave his Government’s spring Budget, to a rowdy parliament. The 2024 spring Budget speech made no mention of commercial property, apart from additional relief for the film industry. However, within the detail of the Budget Report was a significant change, impacting the tax paid by property owners and businesses with vacant space. The latest position, on Business Rates, is – Standard Business Rates Multiplier Increases: For 2024/25 the multiplier increases from 51.2p to 54.6p, increasing this tax to its highest ever level. This will result in some significant Rates Liability increases for many occupiers, particularly larger retailers and warehouse occupiers. Empty Rates Relief: The government has extended the occupation period required to benefit from Empty Rates Relief, from 6 weeks to 13 weeks. The change is effective for occupations from 1st April. It seems incredible this is the governments answer, following consultation. Small Business Rates Multiplier Remains Fixed: For occupiers of smaller properties, with Rateable Values below £51,000, the multiplier will remain at 49.9p. Rate Relief for Small Businesses: No change – occupiers with a single Rating Assessment below £12,001 will continue to pay no Rates, with Relief applying up to £15,000 RV. This level has been fixed since 1/4/2017, despite an increase in the values of many properties, under the 2023 Revaluation. Extension of Retail Relief: Retail, hospitality, and leisure businesses will enjoy an extension of the 75% discount on business rates, up to a cap of £110,000. It was hoped that the cap would be removed, or increased, so it properly helps larger retailers and our High Streets. Film Studios Relief: Eligible sites in England will receive a 40% reduction on gross business rates bills, from April 2024 until 2034. Maughan Mitchell feel extremely disappointed that the Government has done nothing to address the growing burden of Business Rates tax, for occupiers and owners of commercial property - Occupiers and owners will face significantly higher Business Rates Bills for 2024/25, with an increase in the Business Rates multiplier, from 51.2p to 54.6p, with Transitional Rates Relief also falling away for many businesses. This will impact properties with large Assessment increases, under the 2023 Revaluation. The increases in tax will be felt hardest by larger retailers, who only receive Retail Relief up to the cap of £110,000, as well as manufacturing and warehousing, where the biggest valuation increases have occurred, under the 2023 Rating Revaluation. Contact Maughan Mitchell , for expert professional advice, if you have any questions, concerning Commercial Leases or Business Rates.

Maughan Mitchell Chartered Surveyors - for Business Rates, Rent Review, Lease Renewal advice

Maughan Mitchell are delighted to be entering into 2024 with a new equity Director, in Amy Deaney, as well as a new partnership with Time & Tide Media. Time and Tide, are already in the process of revamping our website, with a new opening media piece, as well as some new photos - https://lnkd.in/eU2MWR3D https://lnkd.in/edkB5GTH T & T are also providing valuable advice, to our clients on the agency front, working with some of our commercial agent partners, in providing media pieces for properties they are marketing. As part of the offering, T & T are also actively working the various social media channels, to ensure maximum exposure of properties being marketed. The feedback we have so far, is clients love this increased activity, in pushing their buildings forward. Contact Maughan Mitchell, for expert support with Business Rates and Commercial Lease negotiations. Contact Time & Tide Media for expert advice with media pieces and marketing strategy - your own business, or commercial properties you are marketing for clients. https://lnkd.in/eU2MWR3D https://lnkd.in/ezy68pUs