Not Sure About The Rateable Value Placed On Your Property?
All UK businesses pay a business rate that is related to the property from which they trade. This business rate is called the Rateable Value, which is the Open Market Rental Value of the property on the Valuation Date.
In England revaluations are usually undertaken every five years by the Valuation Office Agency (VOA) to adequately reflect any changes to procedures, processes and the law that may have been made in the preceding period. It should (though not always) also take into account any changes that might also occur in the Open Market Rental Value.
Saying all that… Bearing in mind the UK Government’s recent decision to postpone the business rates revaluation by a further two years (which means it will now be reviewed in 2017 rather than 2015), you might well feel that the revisions made back in 2010 do not now accurately reflect the present economic climate.
Thus, if you are a tenant of ours and you suspect that your rates might not appropriately correspond to the current economic trends, please do contact us and ask us how you can go about reviewing the matter directly with the VOA.
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To find out more about Business Rates in the UK, please visit the VOA website by clicking here.
OR you could visit Wikipedia’s informative webpage to glean some extra general knowledge on the subject by clicking here.