A new on-line rating system will give firms access to business rate calculations.
Business rates are a tax paid on the occupation of commercial property and affect all businesses large or small.
Rateable values are reviewed every five years with the next revaluation to come into effect on 1 April 2005.
Firms are due to receive details of the new rateable values from the Valuation Office in October, with calculations and rating systems available on-line.
However the ‘freeing-up’ of such information is being criticised by chartered surveyors, LSM, who believe this is just “information for information’s sake.”
A spokesman for LSM said, “Due to the complexity of the rating system, few companies will have the knowledge necessary to understand the implications of the valuations.
“What businesses really need to know is how the changes will affect the rates they pay over the next five years.”
Another risk facing employers is that due to lack of understanding over complex business rates, many are vulnerable to unqualified and unregulated rates advisers, who particularly prey on small businesses.
In this light, employers may welcome the online service in order help them breakdown the cost of business rates.
However, the report claims that many finance directors have become sceptical about the value of the advice available and that companies should feel confident in speaking to qualified surveyors to guide them through the approaching revaluation minefield.
