Similarly to rent, business rates are set periodically (Rating Revaluation) and may only be challenged following certain procedures.
Rateable Values (RV) are set by the Valuation Office Agency (VOA) currently every 5 years, the last being 2005 and 2010. Current plans for the 2015 revaluation being postponed have been in the press recently, these plans would not see the revaluing of properties until 2015, with those figures coming into force in 2017.
Each year the multiplier (Uniform Business Rate or UBR) changes to calculate your rates bill.
A property with a RV of £20,000 would be calculated by multiplying the UBR for the year (currently 45.8 pence in the pound) by the RV, i.e. 20,000 x 0.458 = £9,160 rates payable.
The Appeal Procedure
There are 12 reasons why you can appeal your Rateable Value, several of them involve deleting properties or amending dates and are rarely used. The most common reasons for appeals are listed below;
For further information contact us or look online at the Valuation Office website by clicking on the icon.
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Marlborough Commercial Services Ltd
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