Business Rates

Business Rates are a tax based on the rateable value (RV) of a property which reflects its rental value.

The Valuation Office Agency (VOA) calculates the RV, your Local Authority collects the rates based on a national rate or multiplier which rises with inflation each year.

RV is automatically changed every five years reflecting changes in value.

Rises or falls in rates paid resulting from this revaluation are limited by transition. In this way those whose rates have risen a lot are subsidised by those whose rates have fallen.

Proper professional advice is needed when appealing against business rates as this transition can seriously distort any beneficial effect that a reduction in RV can bring.

RV appeals

It is possible to appeal against the RV.

• Against the figure set as from April 2005.
• Against any change brought about by the VOA.
• On any physical change to the property or locality.
  Examples of the latter include new shops affecting value of existing and road works etc.

Rate relief

Where a property is vacant and not in use, relief can be given, at least in part. There are also various other opportunities for rates relief.

In addition, small businesses could be eligible for up to 50% rate rebate whether an RV is reduced or not.
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