On 30 September 2016 the Valuation Office Agency (VOA) will be publishing draft rateable values online. These values take effect for the calculation of the Business Rates accounts on 1 April 2017.
There is more information on the VOA website where you can also check what your new rateable value is going to be and how the property has been assessed to get the value it has been given.
Business Rates is a local tax that is paid by the occupiers or owners of all Non domestic / business properties.
The Valuation Office Agency (VOA) gives all non-domestic (business) properties new rateable values usually every five years so local authorities can work out the business rates due for each property every year.
More information is available on the gov.uk website.
The rateable values broadly reflect the yearly open market rental value of each property. The gov.uk website gives more information as to how your rates are calculated as well as how your property is measured for rating purposes.
The purpose of the revaluation is not to change the amount of money collected in rates nationally, but to make sure that individual rateable values reflect the changes that have taken place in the property market since the last revaluation and maintains fairness.
You can check what your rateable value is going to be on 1 April 2017 and how it is worked out on the gov.uk website.
If you think your rateable value is incorrect, you need to you can check your property details on the gov.uk website and contact the VOA to let them know.
Then, once the rateable value comes into effect on 01 April 2017 you will be able to make a formally appeal your rateable value on the gov.uk website.
There will be a small business rates relief Scheme which will take effect with the new rateable values on 1 April 2017. Details of this will be published on this page once we have received them.