Below is some general information about business rates and rateable value.
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 a domestic property.
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.
If you have reason to believe that your 2017 rateable value is not correct, follow the instructions provided on the VOA site. You will need to do the following (available after 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.
What is a revaluation?
The VOA regularly reassess and update the rateable values of all business properties. This is called a revaluation and it is done to maintain fairness in the system by redistributing the total amount payable in business rates, reflecting changes in the property market. From 2023 revaluations will take place every three years. Revaluation does not raise extra revenue overall.