Business Rates Revaluation 2023 - what does it mean for you?
The Valuation Office has now published your new 2023 Rateable Value which will take effect on 1 April 2023. This represents your property’s Rental Value as of 1st April 2021. The Rating List will last for 3 years.
The Valuation Date, 1st April 2021, was in the middle of the Covid-19 pandemic making it one of the most controversial Revaluation dates in the last 35 years. The announcement of your new Rateable Values was accompanied by the Chancellors' Autumn Statement. We have included an article covering the main pertinent points on our News page.
The Government proposes to introduce a Duty to Notify during the course of the 2023 Rating List which will require Ratepayers to annually notify the Valuation Office of any errors, omissions or changes to their property details. We have listed some of the value-significant factors which this may cover below:
· Air conditioning or comfort cooling
· New extensions not already included or added
· Incorrect floor area being used
· Converting less valued space into space valued at a higher rate
· Mezzanine floors not valued or added
· Heating not valued
· Incorrect eaves height stated.
· Plant & Machinery not valued
· Solar panels, although there are Statutory periods when these will not be Rateable, but you will need to advise that they have
added to your premises
This list is by no means exhaustive but I am sure you’ll agree to fulfill these onerous annual requirements is going to be exceedingly time-consuming for Ratepayers.
There will be a further requirement every year to provide your rental details to the Valuation Officer. We wait to see whether this will remove the requirement to complete Forms of Return or whether on receipt of this information it will require a fresh Form to be completed.
In view of the proposed annual Duty to Notify it is, therefore, more imperative than ever that you look at instructing a Rating Agent for the 2023 Rating Period.
At Evans & Payne LLP, we can prepare our assessment of your property in advance of any possible increase in your business rates liability. We can appeal to them immediately. The Regulations relating to changes to Rateable Value are exceedingly complex and Evans & Payne can advise you and help you to mitigate any potential increase.
Please do contact us at the earliest opportunity for us to review your Business Rates liability position preferably in advance of the 2023 Business Rates Revaluation coming into effect on the 1st of April 2023.
Please either call us or email us and we will be happy to assist you.
020 7486 9597