Business rates revaluation

Find out about business rates revaluation provided by the Valuation Office Agency (VOA).

Business rates is a local tax that is paid by the occupiers of non-domestic or business property, in the same way that Council Tax is a tax on domestic property.

Business rates are charged on most business properties, such as shops, offices, pubs, warehouses and factories. However, the property doesn't have to be used for a business - if it is used for purposes which are not domestic it is likely to be rateable.

We will send you a business rates bill each year.

Role of the Valuation Office Agency (VOA)

The Valuation Office Agency (VOA), an agency of HM Revenue and Customs, sets the rateable value of business premises by using property details, such as rental information.

We use the rateable value and the business rates multiplier, set by central government, to calculate your business rates bill.

Rateable value

A property's rateable value is an assessment of the annual rent the property would rent for if it were available to let on the open market at a fixed valuation date.

Until 31 March 2017, the rateable values will be based on a valuation date of 1 April 2008.

From 1 April 2017, the rateable values will be based on the valuation date of 1 April 2015.

From 1 April 2023, the rateable values will be based on the valuation date of 1 April 2021.

You can view and change your property details on gov.uk. If you think your rateable value is incorrect you can challenge it.

Revaluation

The Valuation Office Agency (VOA) regularly updates the rateable values of all business and other non-domestic properties (properties that are not just private homes) in England and Wales. This is called a revaluation.

Revaluation is done to maintain fairness in the system by redistributing the total amount payable in business rates, reflecting changes in the property market. Revaluation does not raise extra revenue overall.

Revaluation 1 April 2023

Rateable values are the amount of rent a property could have been let for on a set valuation date. For the 2023 valuation, that date was 1 April 2021. 

Lambeth Council uses these rateable values to calculate business rates bills. 

Revaluations are carried out to reflect changes in the property market, which means that business rates bills are based on more up-to-date information. 

The next revaluation will come into effect on 1 April 2023. 

Transitional Relief

From the 1 April 2023 the Government have put into place a transitional relief scheme to limit and phase in increases in rate bills as a result of the 2023 revaluation.

Transitional Relief scheme

Supporting Small Business Rate Relief (SSBR 2024/25)

From the 1 April 2023 the Government have put into place a Supporting Small Business scheme

Supporting Small Business Rate Relief scheme

End of the 2017 Rating List 

The Valuation Office Agency (VOA) have notified us that the 2017 non-domestic rating list is closing. Ratepayers have up until midnight 31 March 2023 to submit a check to ensure they don’t lose out on any reliefs or adjustments to their business rates bill.

Ratepayers should read this article on the VOA website as soon as possible. If you are a ratepayer and you do not have an account on the Government Gateway you will need to create an account and claim your property before you can make a check. There is also a YouTube video on how to claim a property for business rates.

From 1 April 2023, ratepayers will only be able to make a check against the 2023 rating list.

As the 2017 rating list will be closed there are only limited circumstances in which further amendments may be made to it.

These are:

  • Following outstanding checks submitted prior to 1 April 2023 and any subsequent challenges and appeals.
  • The VOA can alter the 2017 list up to 31 March 2024. This allows them to clear existing cases/reports and enables Lambeth to submit reports that have a retrospective element regarding the 2017 list. If the VOA make any alterations to the 2017 list, they will advise the ratepayer that they have the right to make a check within 6 months of the date of our alteration.
  • A ratepayer has the right to challenge the 2017 list on the grounds of a tribunal or court decision, provided a check has been made by 30 September 2023.
  • After 31 March 2024 the 2017 list may only be altered because of a challenge or appeal.

Contacting the Valuation Office Agency 

Lambeth Council is responsible for anything to do with your business rates bill. The VOA is responsible for the valuation of your property. You will therefore need to contact the VOA for all queries about your rateable value. 

Finding your rateable value 

You are now able to see the future rateable value for your property and get an estimate of what your 2023/24 business rates bill may be. You can do this through the VOA’s Find a Business Rates Valuation Service on GOV.UK. 

Your property details need changing 

To tell the VOA about changes to your property details (such as floor area sizes and parking) you need a business rates valuation account. The VOA may accept your changes and update the current and future valuations.

Sign in or register for a business rates valuation account 

You think your rateable value is too high 

From 1 April 2023, you will need to use a business rates valuation account to tell the VOA you think your rateable value is too high. You must continue to pay your business rates as normal until a decision has been made.

Sign in or register for a business rates valuation account ready for 1 April 2023. 

How Coronavirus (COVID-19) affected future rateable values 

The VOA bases most rateable values on an estimate of what it would cost to rent a property for a year, starting on a certain date. 

For the 2023 valuation, that date was 1 April 2021. This was during the pandemic and the rent information the VOA used reflected this. 

More information

The Gov.uk Introduction to business rates has further information about business rates and the Valuation Office Agency.