Estate and letting agent owners are being urged to check their business rates – or lose out heavily.

In a little publicised change to the business rate appeals process, communicated only in the small print of the Autumn Statement, agents are among the many business owners who could lose valuable rebates that they are owed.

Any business owner who fails to log a ratings appeal before March 31 will only get a rebate for the two-year period of April 1, 2015, to March 30, 2017.

This is in contrast to a refund of over-payment for the full seven years for which business rate is set.

David Pearce, chartered surveyor and RICS registered valuer for Home Counties commercial property agents Kempton Carr Croft, said: “Many business owners are stuck paying excessively high business rates due to an out-dated rating system that takes historical rent levels into account.

“We’re urging all business owners to check they are paying the correct business rates well before the March 31 deadline.”

Rate payers can appeal against the value shown on their bill if they believe it is wrong at any time a rating is in force, and rating appeals can continue to be made after April 1, but any changes that result from the appeal will only be backdated to then.

The current ratings were set on April 1, 2010, and are due for renewal on April 1, 2017.

Business rates are calculated and set by the Valuation Office Agency based on the rental value of a premises – ie, the annual rent the property could have achieved if rented out on a particular date.