Rateable Value usually gets assessed and updated every 5 years

16 Mart 2023

What Are Business Rates:

Non-Domestic or Business Rates is a tax applied by local authorities, it is seen as that businesses contribution towards funding local services. The rates paid is determined depending on your properties rateable value and which multiplier you are on, usually being charged to the property occupier or leaseholder.

What is the VOA?

The Valuation Office Agency is an executive agency of HM Revenue & Customs; they are whom all Local authorities get their final decisions on regarding business rates, they provide valuations, property advice and surveying services to support taxation and benefits to the Government and local authorities.

What Is the rateable Value?

The Rateable Value is a value generated based on your property’s open market rental value, this is estimated by the VOA. Your properties size, immediate local area, property use, functionality of your property will be considered by the VOA when they make an estimate. The Rateable Value of your property is important because depending on this figure as well as which multiplier you fall under, your local authority will calculate how much to tax you for business rates. The Rateable Value usually gets assessed and updated every 5 years, this is called a revaluation.

What is the Multiplier?

The multiplier is a figure set out each year by central Government, this figure is what your local authority will use when determining your business rates bill. The multiplier figure is multiplied by your rateable value, this shows how much you will have to pay in business rates, before any relief is deducted.

Most Frequently Asked Questions:

Can I lower my business rates?

There are many different ways you can look to reduce your business rates, multiple different rate relief schemes may be an option, Small business rate relief may be an option. If you are not eligible for any relief, but still believe your business rates are too high, other options may be available. In general, it is always best to consult with a professional. There are a range of permanent and temporary reliefs, set out by the government

Can I claim back overpaid business rates?

Yes, claim backs can be made on overpaid business rates, backdated to the original date the mistake was made, if you believe you are owed overpaid business rates, it is worth chasing.

Are my business rates correct?

Only through consultation can a specialist tell you if your rates are accurate.

I am a rates payer what should I do?

I would make sure the VOA is accurately estimating my rateable value, as the rateable value has a direct influence on how much I pay in business rates, I will also check my eligibility for any of the permanent rate relief schemes I may be able to benefit from as well as staying up to date so I can benefit from any temporary rate relief scheme that may be put in place in the future. If I found all these layers complicated, I will consult with a specialist, as his expertise may save me thousands in rates.

Closing Statement:

Businesses with great financial management are the businesses that succeed most times, this was a very brief dive into business rates, as my space is very limited, I only touched on the most popular terms with-in the industry as well as a few of the most asked questions, regardless of this, I hope I helped you understand business rates a little bit better. I am proud to be the business rates specialist of Olay Gazete, I am here to provide my services to the greater community as well, if you have any concerns, questions, interests regarding your business rates, feel free to call or email me, initial consultation is always free of charge moving on to a no-win no-fee bases, if I were to take your case forward.

Contact for İnformation:

BURAK ZENGIN

Rates Specialist

07472 286 152