2017 Business Rates Revaluation
The VOA are currently well underway with preparing, collecting and analysing rental information for the revaluation of over 1.8million commercial properties across England and Wales to be effective from 1st April 2017.
The last revaluation undertaken was in 2010 based on rental information 9 years ago in 2008. A lot has changed since then including the UK entering into a double dip recession and more recently a significant improvement in the commercial property market.
As a result, there have been diverse changes in property values across all sectors during this time which will potentially lead to errors and inaccuracy by the VOA when determining ratepayer’s new assessments. Consequently, we believe there is considerable scope for appealing and reducing ratepayer’s rate liability going forward.
Ratepayers need to be aware of the following ‘key dates’ in the lead up to the 2017 revaluation as follows:
Uniform Business Rate Multiplier to be confirmed.
Estimated 0.497 pence in the pound. Current 0.493 (RV’s over £18,000)
Estimated 0.484 pence in the pound. Current 0.480 (RV’s below £18,000)
The Enterprise Bill – Business Rates Appeals Reform has its second reading in the House of Commons.
2016/2017 Business Rates Demands are issued to Ratepayers.
Summer Budget The Department for Communities and Local Government (DCLG) report into the Business Rates Review to be announced.
Appeals for alteration made after this date will only be backdated to 1 April 2015 unless the appeal was lodged before this date.
Announcement on the estimated Uniform Business Rate Multiplier for 2017/2018.
The draft 2017 Rating List is published ‘on line’ when assessments should be checked for any factorial errors.
1 April 2017
The new Rating List comes into effect.
Check, Challenge and Appeal if necessary.
Business rates are a major occupational cost and yet surprisingly many ratepayers do not check the accuracy of their assessment. Furthermore, changes in the use of business premises and ever-changing complex legislation such as the Enterprise Bill will have a significant financial effect on business occupiers.
Our Specialist Rating Surveyor can advise on the merits of submitting an appeal against the assessment and will handle all necessary procedures on your behalf, including negotiating with the VOA and attending the Valuation Tribunal if necessary.
For more information please use the contact us link.