Understanding Business Rates

Business rates are a form of tax charged on most non-domestic properties, such as shops, offices, warehouses, and factories. They are based on the property’s rateable value, which is assessed by the Valuation Office Agency (VOA).

Business rates are calculated by multiplying the rateable value of a property by the business rates multiplier. The rateable value is an estimate of the property’s open market rental value. The multiplier is set by the government each year and is adjusted for inflation.

Business rates are typically re-evaluated every five years to reflect changes in the property market. However, there was a revaluation in 2017, and the next one is scheduled for 2026. It’s important to stay informed about revaluations, as they can significantly affect your business rates.

Yes, there are several reliefs available. Each relief has specific criteria that must be met, so it’s essential to determine which reliefs your business might be eligible for. Contact us and find out how much you can save!

You can check your property’s rateable value by visiting the Valuation Office Agency (VOA) website. If you believe your rateable value is incorrect, you can appeal the decision, but you must provide evidence to support your claim.

Yes, if you believe your business rates assessment is incorrect, you can make a formal appeal to the Valuation Office Agency (VOA). The process involves checking the details of your property and providing evidence to support your claim. It’s advisable to seek professional advice before submitting an appeal.

If you cannot pay your business rates, it is crucial to contact your local council immediately to discuss your situation. Councils may offer payment plans or other arrangements to help manage your financial obligations. Ignoring business rates bills can lead to legal action and additional costs.

If your property has undergone significant changes, such as expansion or renovation, you need to inform the Valuation Office Agency (VOA). These changes might affect your property’s rateable value and, consequently, your business rates. You can report changes through the VOA’s online service or by contacting them directly.

There are several strategies to potentially reduce your business rates, such as applying for available reliefs, checking if your rateable value is accurate, or negotiating payment plans with your local council. Consulting with a business rates expert can provide tailored advice and help identify opportunities for savings.