Business rates in detail

Revaluation 2017

Business rates are changing from 01 April 2017

The Valuation Officer Agency (VOA) we will re-assessing all rateable values from April 2017. For more information please see the 2017 Revaluation Flyer, the information below and at www.gov.uk/voa/revaluation.

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 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.

Roles and responsibilities?

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.

  • 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 think your rateable value is incorrect, you can find and view your property details here: https://www.gov.uk/correct-your-business-rates

What is a revaluation?

The VOA regularly reassess and update the rateable values of all business properties usually every five years. This is called a 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: www.gov.uk/voa/revaluation.

 

You can also estimate your business rates bill, including any small business rate relief the Council may apply.

Spring 2017 Budget Measures

The Government announced in the Spring Budget some additional measures to help support businesses impacted by the Revaluation. These are:

 

  • Any business coming out of Small Business Rate Relief will benefit from an extra cap - meaning their rates will not increase by more than £600 per year (£50 a month).

  • A £1,000 discount on business rate bills for pubs with rateable value of less than £100,000.

  • A £300m fund (over 4 years) will be made available to councils to allow them to provide discretionary relief.  

     

    An information letter has been published on the GOV.UK website which gives a bit more information on how these measures will work. For more information please go to: https://www.gov.uk/government/publications/22017-spring-budget-support-for-business

     

    Once the Government have agreed the details of these measures,  we will contact those businesses affected.

    In the meantime the annual bills will shortly be sent out. Please pay your instalments as shown on the bill until advised otherwise.