Published on Friday, 30 September 2016
Businesses will be able to view their draft Rateable Values from 1st October 2016 onwards in readiness for the new Rating List which will become live on the 1st April 2017. Ratepayers are being asked to register their details with the Valuation Office in order to assess the details of their proposed new assessments. The proposed Rateable Value will be assessed based on the Valuation Office Agency’s opinion of the rental value of the property as at April 2015. This is the first national revaluation of Business Rates since 2010.
We are expecting some businesses to be pleasantly surprised by a possible fall in Rateable Value as the current RV’s were set based on 2008 rents which was just after the peak of the market. That said the reductions in liability might not materialise as some businesses wish for. The Rateable Value only forms part of the calculation. The Government then sets the National Non-Domestic Business Rate multiplier ie the rate in the pound that a business pays. This figure hasn’t yet been announced and if there is an increase in the multiplier then the amount payable might still increase even if the Rateable Value has fallen. We expect when the new Rateable Value becomes live there will be phasing arrangements so any significant increases in liability will become gradual – as will be the case with any significant reductions in the amount to be paid.
Confused? Agreed, this is a complicated arrangement, but please take some time to access the Valuation Office website to see your draft figure. Simon Weightman heads our rating team. He used to work for the Valuation Office, so he knows how the system works. Our wider team is active in the Yorkshire and Humber region so we have a wealth of knowledge and expertise in values from 2015 to assist the review process.
If you are concerned about your Rateable Value or the amount of Business Rates you pay or might be asked to pay call Simon Weightman now on 01482 645522.