Business rates revaluation 2017
From 1 April 2017, the Valuation Office Agency (VOA) is updating the rateable value of all business properties. This is known as a revaluation.
The VOA generally reassesses all rateable values in England and Wales every five years, based on their open market rental value on a fixed date, although the last revaluation was in 2010. The next revaluation will be based on rental values on 1 April 2015. Rateable values are used by councils to calculate your business rates bill.
Revaluation is done to maintain fairness in the system by redistributing the total amount payable in business rates, reflecting changes in the property market. Revaluation does not raise extra revenue overall.
The VOA uses a wide range of property information, rental and other evidence to compare values across similar types of properties in order to set the rateable value.
Frequently asked questions about the revaluation
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The VOA look at many rents in an area before deciding on the right rateable value for each property. Rents can vary between properties in an area, even if the properties are similar and the rents are agreed at the same time. This is because landlords and tenants often have different views on the rental value of a property and sometimes there are special lease terms that can affect the rent paid.
Find out more here: www.gov.uk/introduction-to-business-rates/how-your-rates-are-calculated
The VOA does not publish this information online, as that would breach the Data Protection Act.
Call the VOA on 0300 050 1501 to request this information.
The VOA doesn't remove properties from the rating list just because the business has closed. It is more than likely that if the property still exists it may still be rateable.
Find out more here: www.gov.uk/introduction-to-business-rates
Businesses without access to the internet can find out about their draft rateable value and get advice from the VOA by calling 0300 050 1501 (in England).
