UK hotels could save tens of thousands of pounds in business rates if they reclaim overpayments dating back five years by March 31.
Business rate specialist, Commercial Valuers and Surveyors (CVS) claimed that many British hoteliers were unaware of potential savings.
CVS head of rating Paul Burnett said: “Business rates are a major expense to any company. However, it is often the case that the majority of commercial property occupiers are unaware that these rates can be challenged.”
According to CVS, hoteliers are paying an average of 13.4% excess business rates annually. In the current market with falling occupancy continuing, hotels were advised to appeal against charges before the application deadline in March.
CVS achieves savings by ensuring hotels rating assessment is based on “property values rather than on hotel expertise, provision of food and drink, service and furniture and fittings” explained senior rating consultant Chris Barker.
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