What are business rates?
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 doesnt 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.
Roles and responsibilities?
The Valuation Office Agency (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 VOA, 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 have reason to believe that your 2017 rateable value is not correct you can find and review your rateable value on the VOA's website.
You will need to do the following:
- 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.
What is revaluation?
The VOA regularly reassess and update the rateable values of all business properties usually every five years. This is called 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.
How can I find out more?
For more information on the 2017 Revaluation, rateable values and business rates go to https://www.gov.uk/voa/revaluation