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, upon which the Business Rates you pay will be worked out. As it is likely to be in force for at least 5 years this is a very important document. The draft list is now available and 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 work out whether the new business rates figures are correct, a good understanding of how rental values have changed over this period is needed. As Chartered Surveyors, we at Morley Riches & Ablewhite have that information at our finger tips so can talk to you about your options if the new RV doesn’t look correct.
Please contact Peter Riches for further information.