You should have received a flyer from us on behalf of the Valuation Office Agency (VOA) advising that your new Rateable Value effective 1 April 2017 will be available to view online for Lambeth businesses from 24 October 2017, it advises that you can log onto the VOA website and see the draft value that is going to be used. If there is anything that you disagree with please contact the VOA as mentioned below by 30 November 2016.
Please see below questions and answers provided by the VOA.
What are business rates?
Business rates is a local tax that is paid by the occupiers of all non-domestic /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.
Roles and responsibilities
The VOA 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.
What is the Rateable Value?
The rateable value is assessed by the Valuation Office Agency, which is an agency of HM Revenue and Customs.
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.
If you think your rateable value is incorrect, you can find and view your property details here:
What is a revaluation?
The VOA regularly reassess and update the rateable values of all business properties usually every five years. This is called a Revaluation. This 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.
How can I find out more?
For more information on the 2017 Revaluation, rateable values, and business rates go to www.gov.uk/voa/revaluation.
You can also estimate your business rates bill, including any small business rate relief the local council may apply.