The following announcement was posted to the GOV.UK website 1 February 2016:
“The Valuation Office Agency (VOA) is in the process of updating the rateable values of all business properties. This is known as a revaluation. If you register your email details with us now we will email you when the draft rateable values are available to view on gov.uk in October 2016.
- Register your email at www.gov.uk/voa/revaluation
This will be your chance to let us know if the information we hold about your property is incorrect. If you don’t review your details you may find yourself paying an incorrect amount in business rates.
Rateable values are used by local councils to calculate business rates, and business rates bills will be calculated using the new rateable values from 1 April 2017.”
As this process may have significant cost implications it may be worthwhile to take an in-depth look at your present business rate criteria to ensure that come 1 April next year, the VOA’s reassessment does not result in incorrect, and possibly increased, business rate bills.