show menu
Close

Business Rates

 

Posted on 12 October 2016

Last week the new Rateable Values (RV) for every property in the Country were published on the Valuation Office Agency (VOA) website. This affects almost every business in the Country with the new values taking effect from April 2017 and are scheduled to be in place until March 2022. The period will be known as the 2017 Rating List.

Every ratepayer does have the right to contest their new rateable value and a new appeals system is being implemented which is to be known as Check, Challenge, Appeal (CCA). The purpose of the new appeals system is primarily to reduce the number of speculative appeals that are lodged which clog up the system and reduce the amount of time the VOA can spend on genuine appeals.

Ratepayers should be careful however when and with whom they trust to place an appeal. There is a ‘one bite at the cherry appeal system’ which means that you can only appeal once on any ground for the duration of the 2017 Rating List.

The new rateable values have generally shown an increase across the main sectors with the biggest increases in London, as shown in the table below:

Area

Retail

Industry

Office

Other

All

England

4.8%

4.0%

12.7%

15.9%

9.6%

North East

-6.5%

-0.4%

-12.3%

9.5%

-0.9%

North West

-5.4%

-3.5%

-4.4%

10.7%

0.0%

Yorkshire & Humber

-1.9%

0.7%

-12.4%

7.1%

0.0%

East Midlands

5.6%

3.3%

8.2%

13.4%

7.4%

West Midlands

-0.9%

3.4%

-6.8%

12.3%

3.2%

East

-3.6%

2.3%

2.4%

12.3%

3.7%

London

26.8%

15.5%

22.6%

26.1%

23.7%

South East

1.2%

6.7%

12.9%

17.8%

9.6%

South West

-5.7%

5.4%

-0.4%

13.9%

4.0%

Wales

-8.5%

-4.0%

-6.6%

4.5%

-2.9%

The revaluation comes at a time where there is a large degree of change in the business rates world with the following changes taking place:

  • Doubling of relief for small businesses, meaning 600,000 businesses will now pay no Business Rates
  • Local Authorities to keep more revenue and also decide their own Uniform Business Rate
  • Charging ratepayers to take their appeals to Valuation Tribunal
  • Fining ratepayers for false disclosure

In the short term however ratepayers wishing to find out their new RV should click here

Once ratepayers know their new RVs, with the help of a specialist Business Rates surveyor they can decide whether there is any merit in challenging the new figure.

Alastair Fearn is a Director within FHP Property Consultant Business Rates Team. He acts for clients Nationwide in relation to all aspects of Business Rates. Alastair can be contacted on 0115 9082110 or alastair@fhp.co.uk.

Share on Twitter Share on Google+ Share on Linkedin