Business Rates 2023 Revaluation

The next business rates revaluation comes into effect on 1 April 2023 and the new rateable values for every non-domestic property are now available to view on the Gov.Uk website on this link https://www.tax.service.gov.uk/business-rates-find/search.

Rateable values are based on rental values 2 years prior the revaluation date and are set by the Valuation Office Agency.

The rateable value is not the annual rates payable. This is calculated by multiplying the rateable value by the rate in the pound which is 49.9p if the rateable value is below £51,000 and 51.2p if the rateable value is £51,000 or more. However, there are a number of business rates reliefs which then apply to reduce or remove rates liability for some ratepayers including small business relief, rural rate relief, charitable relief and retail, leisure and hospitality relief. For small businesses, if your rateable value is £12,000 or less, no rates are payable.

Rateable values can be appealed through the check and challenge appeal process which was introduced in 2017. This involves checking the property details are correct and informing the VOA if they are not correct. A challenge case can then be submitted if you believe the rateable value is too high, giving reasons and evidence. If the decision of the VOA to the challenge is not accepted an appeal can be made to the Valuation Tribunal. A check case must be completed before submitting a challenge.

Mere Commercial are experts in assessing rateable values and can guide ratepayers through the check and challenge process to allow ratepayers to make informed decisions on how best to proceed.