Deadline for unclaimed businesses rates

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COMPANIES are being urged to find out whether they are entitled to business rates refunds before the deadline.

Last year, it was announced that from March 31 the maximum refund following a successful appeal will only be two years’ worth of potential savings, rather than the current seven.

Many businesses across Portsmouth have yet to appeal their business rates meaning that around £20m of refunds which could be returned to businesses is lying unclaimed.

‘The vast majority of businesses are well aware that they can claim refunds on overpaid business rates because of the discrepancy between previous property valuations and actual business rates bills,’ said Mark Rigby, chief executive of CVS.

The current system for calculating and charging business rates is highlighted by there being almost 673,970 appeals across England and Wales lodged on the current Rating List.

Successful appeals submitted before March 31 are entitled to ‘backdate’ savings up to April 2010 but after this date businesses are only entitled until to 2013.