The COBALT Rates Revenue Tool allows councils to maximise revenue available to spend on vital public services. It uses multiple data points and advanced analytics to identify businesses not paying rates or the correct amount of rates. Through the inspector management application, it increases efficiencies, improves compliance and provides real-time reporting and analytics.
Belfast City Council estimated that the total losses from uncollected non-domestic rates were in the region of £1.5M per year. A solution was needed to help maximise rates revenue for the city.
In its first two weeks of operation COBALT identified £390k of unclaimed rates, not including backdated rates.
Analytic Engines COBALT was deployed. COBALT uses advanced analytics and multiple data points from internal and external sources to identify repeatable properties.
In its first two weeks of operation COBALT identified £390k of unclaimed rates, not including backdated rates. It has also been proven to increase the efficiency of the inspector’s teams by up to 250%.
COBALT can identify:
- Properties listed as vacant by occupied
- Contact details of business owners
- Domestic properties operating as non-domestic
- New businesses that have just opened
Speaking about Belfast City Council’s rates collection project, Norther Ireland Finance Minister Máirtín Ó Muilleoir said:
“I am committed to looking at ways to maximise the revenue avaulable to spend on vital public services. It’s imperative that we support innovation and foster creativity as we see to find new, smarter ways of doing things”