The Valuation Office Agency (VOA) regularly reassess rateable values of business properties, usually every five years. This is called Revaluation. It's done to keep the system fair, by redistributing the total amount of business rates payable nationally, reflecting changes in the property market. Revaluation does not raise extra money.
From 1 April 2017, rateable values are based on 1 April 2015 valuation date.
You can find your rateable value. If you feel your 2017 rateable value is wrong, you need to contact the VOA to:
- CHECK - review and confirm the facts the VOA hold about your property.
- CHALLENGE - once the facts are established, explain why you believe your valuation is wrong.
You cannot appeal your 2017 rateable value until you have completed CHECK and CHALLENGE. You must pay your business rates bill until the check, challenge, appeal process is completed. If successful, an amended bill will be produced to show changes made.
For ratepayers with large increases or decreases in their business rates liability, following the 2017 revaluation, the Government has put in place a £3.6 billion transitional relief scheme to limit and phase in changes in business rates bills. To help pay for the limits on bill increases, there also have to be limits on reductions. Under the transitional scheme, limits continue to apply to yearly increases and decreases until the full amount is due (rateable value x the appropriate multiplier).
Transitional arrangements are applied automatically and shown on the front of your bill. For further information, please see transitional arrangements and other rate reliefs.