The Valuation Office Agency (VOA) is updating the rateable value of all business properties. This is known as revaluation. These changes came into effect from 1 April 2017.
On 30 September 2016, the VOA published over 1.9m draft rateable values online. You can check your rateable value and let the VOA know if any information is incorrect before the Council uses the list to calculate your Business Rates bill for 2017/18.
The new service, ‘Find my business rates valuation’ will replace the old rating list.
The new on-line service will also be updated as soon as details of any transitional relief is available so you will be able to quickly find your property and get an estimate of your 2017/18 bills.
Frequently Asked Questions (FAQs)
Business rates is a local tax that is paid by the occupiers of all non-domestic /business property, in the same way that Council Tax is a tax on domestic property.
Business rates are charged on most business properties such as shops, offices, pubs, warehouses and factories. However, the property doesn't have to be used for a business - if it is used for purposes which are not domestic it is likely to be rateable. We will send you a business rates bill each year.
The VOA sets the rateable value of business premises by using property details such as rental information.
We use the rateable value and the business rates multiplier (set by central government) to calculate your business rates bill.
The rateable value is assessed by the Valuation Office Agency, which is an agency of HM Revenue and Customs.
A property's rateable value is an assessment of the annual rent the property would rent for if it were available to let on the open market at a fixed valuation date.
- until 31 March 2017, the rateable values will be based on a valuation date of 1 April 2008
- from 1 April 2017, the rateable values will be based on the valuation date of 1 April 2015
If you think your rateable value is incorrect, you can find and view your property details and correct your valuation online.
The VOA regularly reassess and update the rateable values of all business properties usually every five years. This is called a Revaluation. This 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.