knog
knog
Sep 05, 2016

Business rates - are you ready for the changes?

The 2017 rating revaluation is rapidly approaching and now is the time for property owners and occupiers to plan for the changes. So here’s what you need to know:

How are business rates calculated?

In England and Wales the Valuation Office Agency (VOA) is responsible for assessing the rateable values of all non-domestic properties. Every commercial property in the UK will get a new rateable value in April 2017, which for most properties is based on an open market rental value that it could have let for two years beforehand. With seven years since this was last done, it is anticipated that the gap between winners and losers will be far wider than ever before.

The amount of rates you pay is calculated by multiplying your rateable value by the relevant year’s rate poundage, or multiplier. As this is currently around 50% in pounds, it’s vital to ensure each rateable value is as low as possible.

Timeline

30 September 2016
The Valuation Office will make the new Rateable Values available to all on line https://www.gov.uk/correct-your-business-rates and you can check the amount. For obvious factual errors you can informally contact the Valuation Office.

Winter 2016
Various announcements are expected in this period, including details of the new multiplier and transitional arrangements.

01 April 2017
All new Rateable Values go live, as does the government’s new system called “Check, Challenge, Appeal”. Concerns are this will complicate and potentially lengthen the process of questioning your rateable value, as well as introducing a fee to appeal.

We recommend

Employ Property Chartered Surveyors who are RICS registered. Many sectors have specialist business rates surveyors who specialise in your industry – http://www.rics.org

- See more at: http://www.sportsandplay.com/business-rate-changes#sthash.loSlnJ9s.dpuf

FSPA

FSPA

Tel:
+44 (0)2476 414 999
Find us on:
twitter
brand1

Get all the latest news free straight to your inbox

Insight Update
Spektrum are leaders in sustainable sports eyewear.

Spektrum are leaders in sustainable sports eyewear.

Their range of performance eyewear is made using bio plastic derived from the Castor Bean. The Castor plant is extremely hardy and grows where normal food crops normally perish. This process draws in atmospheric carbon and locks it away in the final product, rather than pulling up traditional oils from underground to make plastics with.

read article
SOLUTIONS FOR SPORT

SOLUTIONS FOR SPORT

RADIO HOUSE, BAMPTON BUSINESS CENTRE SOUTH, Oxfordshire , OX18 2AN

view profile
  

Magazines:

  

Magazines:

  

Works With: