Pixel Financial Management is working in partnership with Link Asset Services and a number of local authorities to help them explore business rates data to forecast resources and the implications for growth. We have developed a Business Rates Forecasting Model that is designed to help authorities forecast their business rates income more accurately, including forecasts for large redevelopment schemes and for appeals. Our model also helps authorities to understand the impact of the ever-changing retained business rates system, from the 2017 revaluation to 75% retention in 2021-22.
Our collaboration with Link Asset Services has the expertise to support the CFO in developing and improving the approach to business planning. The support provided by Link Asset Services and Pixel Financial Management is tailored to the needs of the individual local authority and the strategic planning style of the CFO.
This service supports individual authorities as well as groups of authorities in county areas or pilots.
At a billing authority level, our model can deliver:
- Business Rates Model based on collection data from revenues system
- Capturing of assumptions with regard to taxbase changes, reliefs, appeals etc.
- Provision of forecasts of both collectable income and retained Business Rates on a longer term basis
- Assumptions and forecasts developed with evidence recorded at each stage, to assist with annual audit
- Up-to-date forecasts that can be included in reports to Members as required, including geographic views of Business Rates data on a post code basis and / or other agreed basis
- Provision of forecasts of potential appeals losses and advice on setting the appeals provision
- Support to local authority financial planning process, budget setting and reporting to central government (NNDR1/3)
- Links to local and regional growth expectations and sensitivity analysis based on risk levels
- Reflection of changes to Business Rates system as required and on a timely basis.
But we also focus on helping authorities to understand the strategic side of their business rates income.
- Identify the risks to future business rate income
- Understand the ratebase better, including areas and business sectors that are growing or contracting
- Connect the local economy with wider economic trends, particularly around empty property reliefs or non-collection
- Create a link between the revenues data, financial information and planning/ economic development
If you would like more information on this service, please contact firstname.lastname@example.org