The latest revaluation of business rates comes into force on 1 April 2017 – are you ready?
Business rates are charged on most non-domestic properties, such as offices, and businesses will probably have to pay business rates if they use a building or part of a building for non-domestic purposes. Usually, the government revaluates these rates every five years.
Under current regulations brought into effect in 2010, business rates are calculated on the ‘rateable value’ of your premises as at 1 April 2008. From 1 April 2017, premises will be assessed on their ‘rateable value’ as at 1 April 2015.
Business rates are calculated by multiplying the ‘rateable value’ – an open market rental value based on an estimate by the Valuation Office Agency – by the correct multiplier, which is an amount set by central government.
A multiplier is the number of pence per pound of rateable value that a business will have to pay in business rates, before any relief or discounts are deducted.
Making Business Rates Fairer?
The government say on their website that around three-quarters of businesses will see no change or a fall in their bills from 1 April 2017 as a result of the new rates, with around 600,000 businesses set to pay no business rates at all.
They have permanently doubled Small Business Rate Relief, which means that:
- Eligible properties with a rateable value of £12,000 and below will receive 100% relief.
- Eligible properties with a rateable value between £12,000 and £15,000 will also benefit from business rates relief, offering significant reductions on their business rates bills.
Find out more about Business Rates Relief here.
Be Prepared – APHC
In preparation for the changes, the APHC are urging plumbing and heating businesses to check the new draft rateable value of their business premises before the new rates come in, giving them time to plan for any changes or to appeal against the new rateable value.
John Thompson, CEO of APHC said:
“To avoid any doubt, I would urge all business rate payers to check the draft rateable value of their business property on the government’s website, as once you have found your rateable value you can then either request changes to the property or valuation details if you think they’re wrong, view the valuation details of other properties and, if eligible, appeal against the rateable value.”
Click here to check your business rates valuation now!
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