Rating Revaluation 2017
A business rates revaluation will take place in 2017 across England, Scotland and Wales.These new rates are likely to apply for a five year period starting on 1 April 2017.
The new proposed rateable values will be published on the Valuation Office Agency (VOA) website on 30 September 2016, there will then be a six month window of opportunity for businesses to make representations to the VOA if they are unhappy with the new values.
The new proposed rateable values for England and Wales will be published on the Valuation Office Agency (VOA) website on 30 September 2016, there will then be a 6 Month window of opportunity for businesses to make representations to the VOA if they are unhappy with the new values. The Scottish Assessors Association is responsible for Business Rates North of the border, they have not announced the date for their draft list as yet, and we would anticipate that this will be published in January 2017.
In practice, it is unlikely that the VOA will be able to consider all representations within this six month period, so many formal appeals will have to be entered after 1 April 2017.
The VOA is asking for business owners (in England and Wales only) to register their details online so they can receive a reminder when their draft rateable value is available. This is because they will no longer be posting this information out and are therefore building a database of email addresses. This is up to members to decide whether they wish to include their details. Find out more here
Alternatively, NDNA will send out a reminder in a timely email bulletin that the values are available to view along with a link to the web portal.
NDNA members can access discounted support from our expert member benefit partner Lambert Smith Hampton, a commercial property consultancy who have helped many NDNA members to reduce their business rates. They only charge a fee if they are successful in reducing your property’s rateable value. Their average business rates reduction for NDNA members is 23% which is well above the industry standard. Find out more details about how to contact Lambert Smith Hampton here
Ken Williams, a Senior Surveyor at Lambert Smith Hampton, advises NDNA members to seek professional advice in the months leading up to the revaluation next year.
He said: “There are many things that can be done, for example appealing your current rateable value could result in a refund backdated to 1 April 2015 in England or 1 April 2010 in Wales, which might in turn result in a speedier reduction in your 2017 Revaluation Assessment. Unfortunately a different regime applies in Scotland and it is very difficult to get appeals entered at the present time.
“Business Rates are becoming increasingly complex and whilst there are great opportunities to make savings, it does make sense to retain an agent who will deal with all complicated procedures on your behalf, ensure that you are paying as little in business rates as possible and also advise on any reliefs and exemptions that might be available.”