Business Rates

Business Rates

Business Rates

Not an April Fool – it’s Revaluation Day on 1st April 2017

The Valuation Office Agency (VOA) is updating the rateable value of all business properties, this process is known as revaluation.

Following the last revaluation in 2010, the forthcoming business rates revaluation will come into force in April 2017. At revaluation, the government adjusts the value of business rates to reflect changes in the property market. Having not done this exercise for 7 years, we can expect to see some major fluctuations.

The government is introducing a new business rates appeals system to coincide with the new ratings list. How your property is valued and how your business rates are calculated remains the same – the key difference is in what happens if you think your business rates bill is inaccurate and want to lodge an appeal.

This is where a new process called “Check. Challenge. Appeal.”  comes into play. The CCA system will create a range of barriers and disincentives, such as fees and technical requirements. In addition, fines may be introduced for careless mistakes or submission of incorrect details. However, with professional support, it is possible to navigate this system and secure a fairer deal.

 

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