UK Business Rates on the Rise

The Valuation Office Agency is a division of HM Revenue and Customs, and it is their responsibility to periodically assess the achievable rent for non-domestic properties, which are typically revalued every 5 years.

The next nationwide review of Business Rates will be taking place on April 1st 2023, and your rates could be going up.

Your rateable value may change if any physical changes are made to your property, for example, building an extension. Your local council has a duty to notify the Valuation Office Agency of any newly built, extended, demolished or otherwise altered non-domestic properties that come to their attention.

You can appeal
Although this review is periodical, increases are inevitable and you can actually appeal against the rateable value of your property if you think it is incorrect. This might be due to a material change in the property’s circumstances, for example:

• Changes in its physical state or use
• Physical changes in the locality
• Changes in the use of a neighbouring property

An appeal to the Valuation Office Agency against a rateable value begins with a proposal to alter the rating list. Before making an appeal, you can contact the Valuation Office Agency to discuss your rateable value and why you want to appeal against it. They may be able to resolve things without you needing to follow the formal procedure.

As a Business Rates appeal specialist, Charles Elliott Lloyd advises businesses throughout the UK on whether an appeal against their business rating could result in cost savings.

They advise on the importance of ensuring a property’s Rateable Value is both fair and correct. Valuations can be increased as well as decreased by an appeal, so ensuring the valuation is correct can protect your business from backdated bills in the future as well as secure substantial rebates and future savings. They only make recommendations for a revaluation once the merits of your individual case are assessed in full by the Survey Department.

If Charles Elliott Lloyd identifies any anomalies or changes to the business circumstances that have not been taken into account with the current valuation, the rating experts will advise on the best course of action. These might include ownership of a vacant or partially-occupied property, or of a property in a rural area that might be eligible for specific relief.

The clock is ticking, so don’t delay, request an evaluation today.