New Business Rates Valuation
During October all businesses will receive their new business rates valuation. This valuation will form the basis of business rates for the next five years.
It is imperative that you check the fine print of the valuation to make sure that the rateable value applied to your property is correct. The rateable value is determined by a number of factors primarily the open market rental value on the valuation date. The valuation date for the 2010 changes is 1 April 2008.
Appeals against the new valuations should be submitted before the 30 November 2009.
Business clients should also be aware that there are a number of specific reliefs that you may be able to claim to reduce your business rates - these include small business rate relief (England and Wales) and transitional relief.
If you would like our assistance checking the valuation please call. The Valuation Office Agency (VOA) website can be accessed at www.2010.voa.gov.uk/rli/en/basic and has a number of useful FAQ sections.