In November 2022, the Valuation Office Agency (VOA) published over 2.4 million draft rateable values online.
Below is a list of frequently asked questions regarding the revaluation.
What are business rates?
Business rates are 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.
Who calculates business rates?
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.
What is the rateable value?
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.
• From 1 April 2017, the rateable values will be based on a valuation date of 1 April 2015.
• From 1 April 2023, the rateable values will be based on the valuation date of 1 April 2021.
What is a revaluation?
The VOA regularly reassess and update the rateable values of all business properties, usually every three years. This is called a revaluation. This is done to keep the system fair by redistributing the total amount payable in business rates, reflecting changes in the property market. Revaluation does not raise extra revenue overall.
Customers will now be able to see the future rateable value for their property and get an estimate of what their business rates bill may be from 1 April 2023
For more information on the 2023 revaluation, rateable values and business rates visit the gov.uk website.
Contacting the Valuation Office Agency
Customers can contact the VOA using a Business Rates Valuation Account for the following reasons
- Reporting changes in the property, for example its floor sizes are different.
- Challenging a property’s rateable value. If a customer believes their future rateable value is too high, they can get in touch with the VOA. This can only be done after 1 April 2023, which is the point the future valuation legally takes effect and can be challenged. Customers must continue to make payments of their business rates as normal. If they do overpay, they can request a refund from their local council.
- Appointing an agent to deal with the VOA.
Benefits of having a Business Rates Valuation Account
Registering for a Business Rates Valuation Account will allow your business to
- Check the details the VOA hold.
- Let the VOA know if something is wrong.
- Hear about issues affecting your business rates.
- See your rateable value and the evidence the VOA used to calculate it.
- Manage your business property information.
- See how your business property’s valuation was calculated and challenge your property’s valuation.
- Appoint an agent to deal with your business rates on your behalf.