Business rates revaluation
All non-domestic properties are generally revalued every 5 years by the Valuation Office Agency (VOA). 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.
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 2023, the rateable values will be based on a valuation date of 1 April 2015
- from April 2023, the rateable values will be based on the valuation date of 1 April 2021
If you think your rateable value is incorrect, you can find, view and correct your property details online.
Transitional Relief Schemes
'Transitional Relief Schemes' helps to reduce the impact of any large increase or decrease in charges, due to revaluations. They apply to charges based on the property at the time of the revaluation.
At the Budget on 27 October 2021 the government announced that it would extend the current Transitional Relief Scheme and the Supporting Small Business Scheme for 1 year to the end of the current revaluation cycle, 31 March 2023.
The Transitional Relief Scheme for 2023 limits how much your bill can change each year as a result of business rates revaluation. This means changes to your bill are phased in gradually, if you’re eligible.
Ratepayers’ Duty to Provide Information to the VO
The introduction of the Non-Domestic Rating Act 2023 provided the initial legal foundation for the provision of a new duty on ratepayers to provide information to the VO on an initial and subsequently annual basis, along with a corresponding duty to provide ad-hoc notification of any changes which may affect the RV of their hereditament.
The duty will be made up of:
- an initial ‘Taxpayer Reference’ notification
- an ongoing ‘Duty to Notify’
- a recurring ‘Annual Confirmation’
Ratepayers will be able to appeal any penalty applied, with the option to request an initial review of the penalty by either the VO or HMRC as appropriate. The new provisions allow for a right of appeal against the conclusions of the review in to the Valuation Tribunal for England (VTE).