Valuation and Appeals
Rateable Value
Apart from properties that are exempt from Business Rates, each non-domestic property has a rateable value which is normally set by the valuation officers of the Valuation Office Agency (VOA), an agency of HM Revenue & Customs. It draws up and maintains a full list of all rateable values, which are available on their website at www.voa.gov.uk. The rateable value of your property will be shown on the front of this bill. The rateable value broadly represents the yearly rent the property could have been let for on the open market on a particular date. For the revaluation that came into effect on 1st April 2010, this date was set as 1st April 2008.
The Valuation Officer has to maintain the list and may alter the value if he or she believes that the circumstances of the property have changed. The ratepayer (and certain others who have an interest in the property) can also appeal against the value shown in the list if they believe it is wrong. Further information on the grounds for making an appeal, and on how to make one, can be found on the Valuation Office Agency website or from your local valuation office.
Rating Advisors
Ratepayers do not have to be represented in discussions about their rateable value or their rates bill. Appeals against rateable values can be made free of charge. However, ratepayers who do wish to be represented should be aware that members of the Royal Institute of Chartered Surveyors and the Institute of Revenues Rating and Valuation are qualified and are regulated by rules of professional conduct designed to protect the public from misconduct. Before you employ a rating adviser, you should check that they have the necessary knowledge and expertise, as well as appropriate indemnity insurance. Take great care and, if necessary, seek further advice before entering into any contract.
Revaluation
Every five years the Valuation Office Agency (VOA) gives all non-domestic properties new rateable values in order for local authorities to calculate the business rate.
The new rateable values will reflect the yearly open-market rental value of each property.
The purpose of the revaluation is not to change the amount of money collected in rates, but to ensure that the individual rateable values reflect the changes that have taken place in the property market since the last revaluation.
The VOA produces a draft list of the new rateable values on or around the 1st October . You can check your own rateable value and get further advice on all aspects of your business on the Business Link website.
After 1st October most businesses will also receive a summary valuation that will explain how the VOA has calculated the new rateable value. In most cases these will also be available on the Valuation Office Agency website
From April of the following year, all business rates bills will be based on these new rateable values.