Business Rates are changing
The Valuation Office Agency (VOA) is responsible for assessing all rateable values across England and Wales and it regularly carries out reassessments and updates to the rateable values of business properties (this usually takes place every five years).
This process is called a Revaluation and is done to maintain fairness in the system by redistributing the total amount payable in Business Rates, reflecting changes in the property market. Revaluation does not raise extra revenue overall.
The VOA has recently completed a Revaluation.
When do the changes come into effect?
These draft rateable values come into effect on 1 April 2017.
What do you need to do now?
Visit the VOA website to review your draft rateable value. You can search for your property by postcode or address. When you find it, carefully check the information displayed. If you do not do this and the details are incorrect, you may risk paying too much in Business Rates.
If the details are incorrect you will need to ask the VOA to update your records.
What you need to know
To ensure the new valuations are accurate and consistent the VOA used property information and rental evidence.
The Business Rates Team here at Solihull Council have used this new value to calculate your Business Rates bill from 1 April 2017.
If your rateable value is below £12,000 you may be eligible to claim for small business rate relief of 100%.
If you do not already receive this relief and think that you may be eligible:
Apply for small business rates relief
If you would like to know more information on the 2017 Revaluation, rateable values and business rates visit the VOA website.