Cushman & Wakefield understands the specific challenges and issues that retailers face dealing with business rates given the size and value of their portfolios.
We are able to provide:
- Comprehensive rating outsource solution or alternatively a bespoke service designed around individual retailer’s needs
- Accurate data to make informed business decisions
- History of providing and then delivering annual rates budgets/forecasts including budgeted savings
- Successful approaches to managing rateable values both pre and post revaluations
- Effective communication and mechanisms ensuring no rate saving opportunity is missed
- National rating team located throughout the United Kingdom and Ireland with a deep experience of the retail sector
- Account management structure responsible for service delivery performance and providing accountability.
Cushman & Wakefield undertakes Financial Rates Management work for the majority of our portfolio clients using bespoke software to ensure accuracy. This Service includes:
Read more about Financial Rates Management Services
- Financial reporting – including, forecasts and provision of Management information
- Provision of accruals and variance reporting
- Provision of estate liabilities for new properties
- Receipt and authorisation of all bills, levies and other charges
- Resolving all liability queries with billing authorities
- Recovery of any refunds and, where applicable, interest
- Furthermore, if required we can provide a comprehensive Treasury function, which is fully RICS compliant with client’s accounts and monies
Despite the complexity of rating legalisation, Cushman & Wakefield has the expertise to maximise savings associated with wholly or part vacant property by offering the following services:
- Submission of applications for rate relief of vacant properties
- Negotiation of discretionary rate relief in respect of partly occupied properties
- Liaison with billing authorities regarding occupations/vacations
- Devising and implementing strategies to minimise rate liability for long-term empty properties
- Initiatives for properties in a poor state of repair/undergoing alterations
- Providing advice regarding newly constructed properties and completion notices.
Rating assessments of property can be inaccurate or inappropriate. Cushman & Wakefield offers the following services:
Read more about Rating Appeals Services
- Devising an approach to manage rateable values
- Pre list influencing minimising cost before any liability incurred
- Full inspection and survey of properties
- Providing appeals strategy
- Identification of Material Change of Circumstance (MCC) saving opportunities
- Negotiation of interim reductions to expedite savings
- Negotiated settlement of appeals
- Presentation of cases at Valuation Tribunal, Valuation Committee and Upper tribunal (Lands Chamber)
- Comprehensive bespoke reporting regime.
Cushman & Wakefield offers a rates audit service reviewing historic rates liabilities, often generating significant and unexpected cash refunds for clients. This Service includes:
Read more about Historic Rates Audit Services
- Confirmation of accuracy of liability calculations
- Ensuring appropriate reliefs have been applied
- Recovery of retained credits or overpayments
- Checking billing calculations in respect of split and merged assessments
- Obtaining savings linked to transitional certificates
- Vigorous pursuit of Billing Authorities for refund of overpayments.
We are able to provide a consultative service for clients who wish to actively lobby and influence Government or trade body. We do have strong views on business rates at Cushman and Wakefield, but we represent our clients, so it is their views we support. Cushman and Wakefield Rating does not publically lobby for specific change to business rates as we often find ourselves conflicted between clients.
For example we have many clients who prefer that transition be retained, but just as many who would like to see the scheme scrapped. Rather than take a public conflicting position, we support each of our clients to lobby for their own desired outcome. This has meant us providing detailed scenario analysis of the different transitional models, briefing clients and even drafting consultation responses for some clients to reproduce on their own headed paper.
Cushman & Wakefield provides a full rating service for many retail clients, including the likes of:
- William Hill Organisation Ltd
- Timpson Ltd
- EAT Ltd
- Game Retail Ltd
- Russell & Bromley Ltd
- Mamas & Papas Ltd
- The Mid Counties Co-Operative
- Coffee #1
- Dunne Stores (UK) Ltd
- Countrywide Farmers PLC
- National Australia Group