Clause for concern
Article Abstract:
Service charges can account for a significant portion of a tenants's total costs. A service charge clause in the commercial lease can help tenants lessen these expenses by controlling the costs incurred on their behalf by their landlords. Such a clause will effectively prevent landlords from refurbishing their premises at the expense of their tenants who rarely question service charge. When including a service clause in the lease, tenants should get a good understanding of how and when payment is to be made, what is covered by the service charge and how the chargeis to be divided in relation to other occupiers. Aside from understanding the costs for which they will be responsible, tenants are also advised to regularlycommunicate with their landlords or their agents so that they will be updated regarding new developments.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 1993
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Ways to reduce your rates
Article Abstract:
Rate bills on commercial properties can be minimized in two ways. First, rate payers should make sure that applicable exemptions are appropriately considered by the charging authority. Properties that are eligible for reliefs include agricultural facilities, buildings within enterprise zones, empty properties and registered charities. Second, occupiers should ensure that the District Valuer, which estimates rateable values, properly includes occupied facilities and that the rateable value is held at a minimum. Appeals on the rateable value can be made on certain situations, such as when vacating portions of properties, when consolidating assessments and when physical conditions affect the properties. Knowledge of these reliefs and grounds for appeal can greatly help occupiers of properties reduce their bills.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 1992
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Rates of change
Article Abstract:
Rates are the annual tax assessed against occupiers or owners of commercial property in the UK. As of April 1990, the rating system in England and Wales is under a new tax regime, affecting a revaluation in the rating of all commercial property. The practical effect of the revaluation will lead to above average increases in the south east of England and the retail sector, mirroring the rental growth in those areas. Many occupiers face substantial increases in rate liability and full rate liability will be phased in. In addition to appealing their revaluation, tax payers can minimize their rate liability by: dividing the assessment to reflect occupation of a sublet; seeking empty rate relief for vacant units; and informing authorities about external factors temporarily affecting the premises.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 1990
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