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The rateable value is assessed by the Valuation Office Agency (VOA), which is an agency of HM Revenue and Customs. 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.
A property's 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 was based on a valuation date of 1 April 2008.
From 1 April 2017, the rateable values are based on the valuation date of 1 April 2015.
|Rating list||Period list in force||Valuation date|
|2017||01 April 2017 -||1 April 2015|
|2010||01 April 2010 - 31 March 2017||1 April 2008|
|2005||01 April 2005 - 31 March 2010||1 April 2003|
|2000||01 April 2000 - 31 March 2005||1 April 1998|
|1995||01 April 1995 - 31 March 2000||1 April 1993|
|1990||01 April 1990 - 31 March 1995||1 April 1988|
The revaluation can often lead to large increases or decreases in rateable values as rental prices can often change. Even though your rateable value may have increased, it does not necessarily mean that your bill will increase. The amount of rates payable is dependant on the multipliers that the government tells us to apply when calculating rates bills. For more information on the 2017 Revaluation, rateable values and business rates visit the Valuation Office Agency. You can also estimate your business rates bill, including any small business rate relief the local council may apply.
Even if the new rateable value of your property has resulted in a large increase in your bill, you may still get the benefit of a transitional adjustment, which may cushion the impact of the increase.
The VOA is contacting businesses to request rental, lease and ownership information to support the next revaluation of business rates in England and Wales – Revaluation 2023.
If you receive a request please complete and submit your up-to-date details. It takes less than 30 minutes to make sure your business rates are accurate.
It is important to provide this information to ensure business rates are fair and accurate. You can find more information on the government website.
Business rates - check your rateable value
The council uses the rateable value provided by the Valuation Office Agency (VOA) to work out your business rates bill. You can check your rateable value and compare it with others on the VOA website. You can also get in touch if you need to let them know of any issues. There is also a website for the Valuation Tribunal.
You can find and review your rateable value on the VOA's website. If you have reason to believe that your 2017 rateable value is not correct, follow the instructions provided on the site. You will need to do the following (not available until 1 April 2017):
- CHECK - review and confirm the facts about your property held by the VOA
- CHALLENGE - once the facts are established, explain why you believe your valuation is wrong
An appeal on your 2017 rateable value is not possible, and may not be necessary, until you have completed CHECK and CHALLENGE.
When can a rateable value be changed?
The rateable value of a property may be changed for a number of reasons. Your premises may alter in size as a result of an extension or other alteration, the use of your premises may change or you may appeal against the assessment following a revaluation. In addition, you may combine your premises with next door or you may split it into two or more units.
If you believe that your rateable value is too high or you have need to change the assessment of your property, you must contact the Valuation Office. Details regarding how to appeal are on the Valuation Office website and further guidance is available from Gov.uk.
What if I don’t receive a reduction immediately?
Many appeals can take some time to settle. If you are waiting for a change in your assessment it is important that you continue to pay your business rates as shown on your bill until the change has been made.
The business rates regulations allow us to pay interest on any backdated overpayment. If you overpay your rates, therefore, you will receive your overpayment back with interest. Where a rateable value has changed, the Valuation Office will contact us direct. We will send you a revised bill, showing your new rate charge and the effective date of the change.
If you have overpaid, we will send you a refund. In some circumstances, we will off-set any previous years overpayments against your current years bill.
We will normally pay interest on your overpayment provided you have made your payments on time. However, we will not pay any interest on any overpayment if we have taken recovery action against you and obtained a liability order from the magistrates court. It is important that you continue to make payments on time until a decision against your appeal has been made or recovery action will be taken against you and you will lose your right to interest.