The Valuation Office Agency (VOA) is the governing body responsible for assessing properties and giving them a Rateable Value (RV).
Your premises RV is calculated based on an estimate of the open market rental value.
A revaluation is where the VOA would adjust the RVs of commercial properties to reflect any changes in the property market.
The most recent revaluation came into effect on 1 April 2017 and is based RVs from 1 April 2015. The next revaluation is scheduled for 1 April 2023, but this is subject to change.
Central government are responsible for setting a “multiplier” (uniform business rate) which is announced annually in the Chancellor’s Autumn Budget.
If you multiply the RV by the “multiplier” for any given year, this would provide an estimate of how much your business rates might be.
However, it is worth noting that this does not allow for any transitional phasing, supplements or reliefs, so you should not rely entirely on this figure, when calculating your future business rates liability.
Business rates are one of the most complex of UK taxes. It is worth seeking the help of a business rates professional to understand what you can expect to pay in business rates.
Our business rates experts can help, and will work with you to explore potential savings opportunities – either on historical rates paid, or by taking advantage of the relevant business rate reliefs open to you.
