IGA News

Business Rates - What’s Changing?

Business Rates - What’s Changing?

28 February 2017

Business Rates – The Basics

Business rates are charged on most non-residential property such as pubs, restaurants, warehouses, factories, shops and offices.

The amount businesses pay is based on how much annual rent could be charged on the premises, which is known as the rateable value. This is combined with the “multiplier” - a figure set by the government each year - to determine the final bill.

At revaluation usually happens every 5 years, which is where the government adjusts the value of business rates to reflect changes in the property market. The last revaluation came into effect in England and Wales on 1 April 2010, based on rateable values from 1 April 2008. However, this time around the next revaluation has been left 7 years.

This has caused a stir as rental value has changed dramatically in large parts of the country throughout the last 7 years, meaning that some businesses will receive a very substantial increase in their rates bill, while others will see theirs dramatically fall.

It’s been estimated that 36% of businesses are likely to see an increase in rates in 2017, and 20% are likely to see a significant increase.

How Can I Check My New Rate?

You can search for your property using the Valuation Office Agency (VOA) service here to estimate what your business rates will be from April 2017.

My Estimate Has Increased - What Can I Do?

You may be eligible for business rates relief from your local council. You can get more information about how to apply for different types of rate relief and how much discount you could get here.

If you believe the VOA has valued your property’s value wrongly, you can appeal. The Government has introduced a simplified appeal system to help you do this:

1. Check - Ensure that all relevant facts have been used to calculate your rateable value

2. Challenge - Challenge the Valuations office by providing an alternative valuation, supported by evidence

3. Appeal - Appeal to the Valuation Tribunal who will make a decision based upon your claim

The .GOV website explains how to make an appeal, including what the grounds are for an appeal, the different ways to apply, and how the process works. It’s possible to do this on your own, but if you’d like extra assistance, the RMI is here to provide further assistance.

How Can the RMI Help?

RMI Rates is run by Spiral Utilities, experts who will help you to assess whether you can make a claim against your rateable value and then guide you through the Check, Challenge, and Appeal process.

They will:

  • Review your premises future rateable value and provide clarification for you where needed in terms of your projected liability.
  • Conduct further research on your property and determine if an appeal should be lodged.
  • See if there is scope to challenge your existing rating valuation if this has not already been undertaken.

All Spiral require is for you to send them a copy of your last rates bill. They will then ask you to complete a basic questionnaire to provide them with details of your property. This information will then be assessed by surveyors to see whether a claim can be made or not. There is no charge to have this checked.

To enquire about RMI Rates simply call the IGA Helpline on 0845 305 4230 to request a business rate review.