Business Rates Revaluation
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Business rates revaluation
The business rates revaluation is a review of the rateable values of all non-domestic properties in England and is carried out by the Valuation Office Agency.
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. The next revaluation will come into effect on 1 April 2023.
The Valuation Office Agency values a property by its rateable value. Rateable values are the amount of rent a property could have been let for on a set valuation date.
For the 2023 revaluation, that date was 1 April 2021. This was during the pandemic and the rent information the Valuation Office Agency used reflected this.
Finding your 2023 rateable value
The draft rating list has now been published and you are now able to see the future rateable value for your property and get an estimate of what your 2023/24 Business Rates bill may be.
You can do this through the Valuation Office Agency's section of the GOV.UK website.
What to do if your property details need changing
To tell the Valuation Office Agency about changes to your property details (such as floor area sizes and parking) you need a Business Rates valuation account. The Valuation Office Agency may accept your changes and update the current and future valuations.
To sign in or register for a Business Rates valuation account, go to GOV.UK's business rates valuation account page.
Appealing against your rateable value
If you believe your rateable value is too high, you can only make a formal appeal against your 2023 rateable value once it comes into effect on 1 April 2023.
You will need a business rates valuation account to tell the Valuation Office Agency you think your rateable value is too high. You must continue to pay your business rates as normal until a decision has been made.
Transitional Rate Relief
The 2023 Transitional Relief Scheme limits how much your business rates bill increases by as a result of the 2023 revaluation.
It means that changes to your bill because of an increase in the rateable value, is phased in more gradually. The percentage increase will depend on your rateable value, as set as below:
Rateable value for 2023/2024
- Small, up to 20,000, 5%
- Medium, £20,001 to £100,000, 15%
- Large, over £10,000, 30%
Rateable value for 2024/2025
- Small, up to 20,000, 10% plus inflation
- Medium, £20,001 to £100,000, 25% plus inflation
- Large, over £10,000, 40% plus inflation
Rateable value for 2025/2026
- Small, up to 20,000, 25% plus inflation
- Medium, £20,001 to £100,000, 40% plus inflation
- Large, over £10,000, 55% plus inflation
If the rateable value has decreased from 1 April 2023, the business will benefit from the reduction straight away.
There is no need to make an application for transitional relief. If you qualify we will automatically apply the relief to your account and include it on your business rates bill.
Supporting Small Business Rate Relief
The 2023 Supporting Small Business Relief Scheme will cap business rate bill increases at £600 per year for any business losing eligibility for some or all of their Small Business Rate Relief or Rural Rate Relief entitlement as a result of the 2023 revaluation.
The scheme will be in place for 3 years, ending 31 March 2026. The reduction will end sooner than this in the following circumstances:
- when your bill reaches the amount you would have paid without the scheme
- if the property falls vacant
- if the property is occupied by a charity or Community Amateur Sports Club
Ratepayers who have received Supporting Small Business Relief as a result of the 2017 revaluation will continue to receive relief, if eligible, for 2023/24. The relief will end for these ratepayers on 31 March 2024.
There is no need to make an application for this relief.
If you qualify, we will automatically apply the relief to your account and include it on your business rate bill.