The Valuation Office Agency (VOA) has updated the rateable values of all business and other non-domestic properties in England and Wales. This is called a revaluation.
Rateable values are the amount of rent a property could have been let for on a set valuation date. For the 2023 valuation, that date was 1 April 2021.
The next revaluation will come into effect on 1 April 2023.
The VOA is responsible for the valuation of your property. You can contact the VOA for all queries about your rateable value.
Their email address is: email@example.com
You are now able to see the future rateable value for your property and get an estimate of what your 2023-24 business rates bill might be. You can do this by using the find a business rates valuation tool on the GOV.UK website.
Small business rate multiplier: 49.9 pence in the pound.
Standard rate multiplier: 51.2 pence in the pound.
For properties with a rateable value of more than £70,000, the GLA has levied a business rate supplement of 2p per pound of rateable value to contribute towards the cost of Crossrail. For more information visit, paying for Crossrail: business rate supplement.
Ratepayers do not have to be represented in discussions about their rateable value, their rates bill or applying for discounts and reliefs. However, ratepayers who do wish to be represented should be aware that members of the Royal Institution of Chartered Surveyors (RICS) and the Institute of Revenues, Rating and Valuation (IRRV) are qualified and are regulated by rules of professional conduct designed to protect the public from misconduct.
Before you employ a rating adviser, you should check that they have the necessary knowledge and expertise, as well as appropriate indemnity insurance. Take great care and, if necessary, seek further advice before entering into any contract.
For more information visit the business rates section on GOV.UK or contact us about business rates.