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The Valuation Office Agency (VOA) has updated the rateable values of all business, and other non-domestic, property in England and Wales.
These future rateable values will take effect from 1 April 2023.
What does this mean?
The information released gives the future rateable values for non-domestic properties in England and Wales.
The rateable value for business properties is used by local councils to calculate business rates bills. It is also the determining factor when considering licence fees (including annual fees) under the Licensing Act 2003 (Fees) Regulations 2005, and licensing authorities will need to review the changes to ensure that they are aware of any businesses who now fall into a different fee band as a result of these revaluations.
How your business rates bill is calculated
A rise in your rateable value does not necessarily mean your business rates bill will go up by a similar amount.
Your local council will calculate your bill by multiplying your rateable value by the multiplier set by the government. It will then apply any rate reliefs you are eligible for. Small business rates relief means that some businesses will not pay any business rates at all.
Charitable relief means that registered charities will only pay 20% of their business rates bill. Many charities will not pay any business rates at all.
The government has announced a package of rates relief for businesses as part of the Autumn Statement 2022.
The government also confirmed its commitment to reform of the business rates system by delivering more frequent business rate revaluations.
If your property is in England
Get an estimate of what your business rates bill may be from 1 April 2023 through our Find a Business Rates Valuation Service on GOV.UK.
You can also:
You will need to sign into, or set up, a Business Rates Valuation Account to tell the VOA about changes to your property details. These changes can include things like floor area sizes and parking.
From 1 April 2023, you will be able to use your account to let us know if you think your new rateable value is too high.
If your property is in Wales
You can now see the future rateable value for your property and get an estimate of what your business rates bill may be from 1 April 2023 through our Find a Business Rates Valuation Service on GOV.UK.
This estimate is based on Wales’ 2022-23 multiplier and small business rates relief. The multiplier will be updated for 2023-24 before business rates bills are sent out by your local council and may result in a change to the estimate shown.
The future rateable value will be used to calculate your business rates bill from 1 April 2023.
Why we do revaluations
A revaluation makes sure rateable values reflect changes in the property market. This revaluation will reflect the changes in value that have occurred since the last revaluation six years ago. This includes the impact of the COVID-19 pandemic.
Revaluations maintain fairness in the system. They help to redistribute the total amount payable in business rates. They are not carried out to generate extra revenue.
Find out more about Revaluation 2023
The official statistics for Revaluation 2023 are also available.
You can read more about Revaluation 2023 and the changes in rateable values in our blog.
For any questions about business rates bills, reliefs or payments you should contact your local council.