Hoteliers are paying 13 per cent too much on their business rates, and could save up to £21k if they challenge any overpaid rates before 31 March.
Manchester-based Commercial Valuers and Surveyors Ltd (CVS), said most hoteliers are unaware they could challenge the business rates paid on their property for the past five years, but time is running out for claims to be made.
Paul Burnett, head of rating at CVS, said: “From 31 March, your right to claim back overpaid business rates for the last five years will end when the next Rating List is introduced. This means that the clock is definitely ticking and time is running out to lodge an appeal against your rateable value before it is permanently altered.”
CVS has helped several UK hotels claim back overpaid business rates from the 2005 Ratings List, including The Lanesborough (£1m) and Donnington Grove Hall Hotel (£85k).
Turn spare parking spaces into revenue stream
Hoteliers struggling to increase occupancy and revenue are also being advised to utilise all their assets available, including any parking spaces.
Park Let, a parking space letting agent, is urging hoteliers to let out any unused parking spaces during quiet months to earn additional income.
With the average price of a parking space at £1,848pa in London, £1,476pa in Liverpool, £1380pa in Nottingham and £1,308pa in Manchester, letting-out additional spaces is a no-cost way to increase revenue.
Luke Kelly, managing director of Park Let, said: “The beauty of parking space rental is that it is pure profit – there aren’t any additional costs such as housekeeping, laundry and utilities. And parking space rental isn’t simply a recession-proofing measure as there will always be motorists that need parking spaces. Particularly within the daily parking market – the hotelier can be as flexible as they want – renting our more spaces over a particular period and then cutting back when occupancy rates are higher.”