The Valuation Office Agency has been revising rateable values
and if you pay business rates you should have received a letter
during October detailing the new rateable value of your business
premises.
Any corrections to this information should be made
by 30 November.
Find out how to check your valuation and what you can do about
it
What is rateable value?
Rateable value represents the open market annual rental value
of a business/non-domestic property.
This means the rent the property would let for if it was being
offered on the open market.
The rateable value is used by your local council when they calculate
your business rates bill.
Why you should check your rateable value
It is essential to check that the property valuation is correct,
as business rates bills are calculated, based on these figures.
The VOA’s revaluation project manager, Steve Bliss, says:
“It’s very simple. Ratepayers should check the details
of the new valuation immediately and get in touch if there are
any errors. If it’s wrong we want to put it right now. Businesses
should look out for our clearly marked envelopes – they
may be addressed to ‘the occupier’ but they’re
important.”
How to check your rateable value
You should have received a letter with details of your new rateable
value.
This information is also available to business owners online
and a new website has been designed to make the process as quick
and easy as possible. By going to www.voa.gov.uk/2010
ratepayers will be able to compare their details with other similar
properties and, where necessary, contact VOA for assistance. The
site offers lots of straightforward help and even short videos
on key topics, designed to explain the valuation process.
Each valuation clearly shows the details of the business property,
whether it is a shop, an office or a warehouse, including the
number of rooms, their description and size, and the value applied
to each area.
The website also includes a list of the internal and external
factors that can affect rateable values and advice on what to
do if you believe that any of these apply to you.
What to do if you think they got the facts wrong
If you think some of the details relating to your property are
wrong, you can send the VOA your suggested amendments.
You can ask to amend:
• The address of the property.
• The description of the property.
• The description of part of the property.
• The area (size) of part of the property.
You should include reasons why you think the details are wrong.
What to do if you think the valuation is wrong
Your first step is to contact your local valuation office and
tell them why you want the rateable value changed.
They will check the valuation for you.
If you are not satisfied with the outcome of these discussions,
you can make a formal appeal.
Please contact us on 0845 652 5220 about your specific circumstances
or use our contact form.
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