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Business rates revaluation 2017

The amount of business rates you pay is calculated using your property's rateable value and the national multiplier for the year. Generally the rateable value is calculated using the open market value from a certain date.

What is a revaluation?

The Valuation Office reassess and update the rateable values of all business properties every five years. This is done to maintain fairness in the system by redistributing the total amount payable in business rates and reflecting changes in the property market. This is called 'revaluation', and the last one was conducted on 1 April 2010.

Due to a two-year postponement, the next revaluation will take effect from 1 April 2017. Most rateable values will then be based upon the rental market as at 1 April 2015.

Can I appeal?

Ratepayers may believe that the new rateable value assigned to their property is incorrect. If this is the case they can contact the VOA to lodge an appeal at www.gov.uk/correct-your-business-rates.

Grounds for appeal may include:

  • the valuation is wrong
  • there's been a change to the property or area that should be shown in the rateable value, e.g. the property's been demolished or is now a domestic property
  • a change made to the valuation by the Valuation Office Agency (VOA) is wrong, or hasn't been made
  • the property's been incorrectly split into more than one listing, or combined with others into a single listing.

It is important to note that your existing business rates liability must be paid for the duration of any appeal. You would be reimbursed afterwards if any appeal is successful and the rateable value is lowered.

How the multiplier is adjusted at a revaluation

Ratepayers may believe that a reduction in their rateable value will lead to a reduction in their business rate bill. This is not necessarily the case.

Business rate bills are calculated by multiplying a property's rateable value by the 'multiplier'. For instance, a property with a rateable value of £20,000, and a multiplier of 46.6p will have a business rates bill of £9,320 per year (i.e. £20,000 * 0.466).

The law requires that the overall business rates revenue remains the same at a revaluation. This means that if total rateable value rises, the multiple must fall; and if the total rateable value falls, the multiplier must rise.

What if I have overpaid my business rates?

If you believe that you may be entitled to a refund of rates, please contact the London Borough of Hillingdon Revenues, PO Box 1120, Number 1 Market Street, Nelson, Lancs. BB9 7LJ. Credits may also be offset against arrears if requested.

How can I find out more?

For more information on the 2017 Revaluation, rateable values, and business rates in general, go to www.gov.uk/voa/revaluation. You can also estimate your business rates bill, including any small business rate relief that may apply.

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Article utilities:  Bookmark and Share Print Print this page Last updated: 23 Jun 2017 at 14:24