BUSINESS RATES – 2010 REVALUATION

Every 5 years the Valuation Office Agency (VOA) carries out a revaluation of all Rateable Values in England and Wales and the next revaluation comes into effect on 1 April 2010.

From April next year your rates bill will be calculated from a new Rateable Value which will be based on Market Rental Values as at 1 April 2008. Your rates bill may go up, down or stay the same depending on how the Rental Value of your property is considered to have changed since the last revaluation.

With effect from 30 September 2009 the VOA will publish online details of the new Rateable Values, and during October they will then send details of the new valuations to most ratepayers.

What can you do now?

Detail of the new valuation for your property is being made available from 1 October 2009. There is now an opportunity to have the accommodation and physical details used in the new valuation checked by a Rating Valuer. If there are obvious errors then representations can be made to the VOA for the proposed new Rateable Value to be corrected. The same errors may also be grounds for seeking a reduction in the existing Rateable Value which if achieved would then lead to reimbursement of rates already paid.

Drew Pearce would be delighted to be of assistance to ratepayers in checking the proposed Rating Assessment details and interested parties are invited to contact Lloyd Smale FRICS on 01392 686 347 for an initial without obligation discussion.

Lloyd Smale FRICS

Drew Pearce – Chartered Surveyors

Oct 2009