Revaluation - 1 April 2017
The 2017 Rating List formally opened on Saturday 1 April 2017 and the Valuation Office Agency (VOA) has updated the rateable value of all business properties for the next five years, the process known as revaluation. At revaluation, the government adjusts the value of business rates to reflect changes in the property market. Having not done this exercise for 7 years, as expected we have seen some major fluctuations.
The Government has introduced a new business rates appeals system to coincide with the 2017 Revaluation. How your property is valued and how your business rates are calculated remains the same – the key difference is in what happens if you think your business rates bill is inaccurate and want to lodge an appeal.
This is where a process called “Check. Challenge. Appeal.” comes into play. The CCA system creates a range of barriers and disincentives, such as fees and technical requirements. In addition, fines have been introduced for careless mistakes or submission of incorrect details.
However, with professional support, it is possible to navigate this system and secure a fairer deal.
The reform has introduced an element of uncertainty to the business rates process and puts an even greater responsibility on to the ratepayer to ensure they are paying the correct amount.
More than ever there’s a need for skilled and experienced support to bring clarity to the rates bill, evaluate how it has been assessed and to help challenge successfully where there are grounds to contest the valuation.