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Update on Business Rates

The 2017 rating list cycle is due to close on 1 April 2023. The Valuation Office Agency (VOA) the government department that calculate business rate valuations operate a system called check-challenge-appeal that business rates payers must use if they dispute the valuation on their property. The cut off for any checks to the existing business rates valuation must be submitted by 31st March 2023.

The uniform business rate multiplier for next year is expected to exceed its current level of 52p in the pound so even if your current valuation remains the same the cost of your business rates bill will increase.

Business rate payments could rise higher than they should be if values are not checked before the cut off date. This will damage many businesses at a time when all costs are rising. One report has quoted retail rents drop by 17.6% since their peak in 2018.

It is the responsibility of all business owners to check their rateable values and leaving it to the last minute risks that the Valuation Office will not get through a backlog of checks in time for the deadline. Much of the work undertaken by the VOA will be in compiling 2023 rating list, so checks that are not correctly presented to the VOA could be ignored.  The period since the last revaluation has seen some very difficult trading times with many commercial property sectors showing a decline in rental values and a notable lack of transactions.

If you feel that you need to check your business rates valuation, go to the government website:

https://www.gov.uk/find-business-rates

If you want help organising a ‘check’ with the Valuations Office Agency (VOA) contact us today at info@mjdhughes.com

Before we can help you we will need the following information:

  • Name and full address of the property including postcode.
  • If it is an office or other unit within a shared property, then details of the main property.
  • Full details of any lease on a property but as a minimum, the name of the tenant and the name of the landlord as they appear on the lease, the actual area of property the lease relates to, the start date, end date, next rent review date, and current rent.
  • Your full contact details, so that we can contact you with initial questions to assess whether there is ground for a check or challenge, or if a full revaluation is needed.

Without any of the above it will be impossible for us to find the correct information for you. In many cases there are no grounds for changes in the business rates valuation and it is better to confirm this with clients sooner rather than later so as to avoid costly fees.

For more information on business rates go to:

https://mjdhughes.com/business-rates/

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