It’s no April Fool, business rates changes are on the way
27 March 2015
Earlier this month George Osborne reaffirmed the Government’s proposal to review the business rates system and will announce its findings in the 2016 Budget. Before then, we will see changes in Rateable Values coming into force under the 2017 Revaluation. Two years off yes, but very much a topic of today.
Why? Because the assessments will be based on current day market conditions. The valuation date for the 2017 Revaluation is next Wednesday 1st April 2015 and rents agreed now will hold the key to how property is valued and the level of business rates paid over the next revaluation cycle through until 2022.
A detailed understanding of this complicated valuation process is therefore vitally important when considering future occupational costs.
There is an opportunity to appeal any new valuation and therefore secure savings, although the key to an application will be the evidence presented to the Valuation Office Agency (VOA). It is therefore essential to ensure that the correct Rateable Value is applied to the property - both landlords and occupiers should seek advice from local experts. With a dedicated research team and extensive market knowledge, Farebrother is well placed to target the evidence that will achieve the best possible outcome for your business rates liability going forward. At a time when rental values are strengthening, leading to higher occupational costs, no business can afford to get it wrong.