The next Rating Revaluation for all commercial properties in England, Scotland and Wales will come into effect on 1 April 2017.
All commercial properties will be given a new Rateable Value (RV) be based on rental values as at 1 April 2015.
The Valuation Office Agency (VOA) will be issuing businesses with statutory forms shortly requesting information about the business, critical for them to determine the new RV.
The new RV will be effective for a period of 5 years from 1 April 2017 until 31 March 2022.
John Thornley, managing director of Fairhurst Estates says that it is important to know that all RV’s can be challenged: “During the 2010 Rating Revaluation, Fairhurst Estates Limited undertook rating appeals on behalf of a number of clients and were successful in achieving substantial cash savings over the rating period for the 2010 Rating Revaluation.
“But we wouldn’t recommend lodging a rating appeal without undertaking an assessment of how the RV has been calculated – the VOA may decide that the RV is incorrect and needs to be re-assessed. Businesses can check their own RV here www.voa.gov.uk.”