On 1st April 2017 a new valuation list will come into force; the first update for 7 years. It will publish rateable values (RV) for all commercial properties on which the Business Rates you pay will be assessed. As it is likely to be in force for at least 5 years this is a very important document.
According to the Valuation Office Agency the draft list will be available from 30th September 2016 so we encourage you to take a look at www.gov.uk/voa/revaluation.
Your new RV will be based on the hypothetical rental value of your property on 1st April 2015. (The current RV is based on the hypothetical rental value on 1st April 2008.) In order to assess whether the new figures are correct one needs a good understanding of how rental values have changed over this period. As Chartered Surveyors we at Morley Riches & Ablewhite have that information at our finger tips so can advise you of your options if the new RV doesn’t appear correct.
As part of this exercise the VOA is asking rate payers to provide details of the rents they pay. They use this information to calculate the new RV. They also ask some more searching questions about how the rent was calculated and on what assumptions it is based. Answering these incorrectly can adversely affect the calculation. If you would like some help completing this on-line form, please call Peter Riches at Morley Riches & Ablewhite on 01206 505707.