Business Rates Revaluation

Business rates will be changing on 1 April 2017. Have you checked your draft Rateable Value?

As part of our work on helping to develop the local economy we’re very aware of the impact that business rates can have on your business. It has been seven years since all non-domestic properties in England and Wales were revalued. The 2017 Revaluation will be based upon rental levels at 1 April 2015 and will form the basis of your business rates liability for the next five years.

It is important to understand the local implications of this Revaluation and the draft Rating List that was issued on 30 September 2016.

If you pay business rates in Denbighshire (or aren’t sure whether or not you need to) then we’d suggest going online, using the link below, to check your new draft rateable value and get an estimate of what your business rates will be from April 2017.

Visit the new tool and enter your postcode or street address.

What is the Rateable Value? 

The rateable value is assessed by the Valuation Office Agency, which is an executive function of HM Revenue and Customs.

A property’s rateable value is an assessment of the annual rent the property would achieve 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. Once the new rateable values come into effect on 1 April 2017, you will be able to make an appeal.

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.

Roles and responsibilities?

The VOA sets the rateable value of business premises by using property details such as rental information. Denbighshire County Council uses the rateable value and the business rates multiplier (set by central government) to calculate your business rates bill.

Small Business Rate Relief (SBRR)

In Wales, the current scheme of SBRR will be extended to 2017-18 with the same criteria – business premises with a rateable value of up to £6,000 will receive 100% relief and those with a rateable value between £6,001 and £12,000 will receive relief on a tapered basis from 100% to zero.

Transitional Relief Scheme

The Welsh Government are consulting on proposals for a Transitional Relief Scheme. The scheme is aimed at helping businesses who currently receive SBRR and whose rateable Value has increased to meet the cost of their rates. This will assist those ratepayers who are no longer entitled to the same amount of SBRR as a result of an increase in their rateable value following the revaluation by gradually phasing in any increases in the amount they have to pay over a three-year period. This will provide additional support to more than 7,000 ratepayers.

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.

For further information about the transitional rates relief please visit: www.businesswales.gov.wales/business-rates-relief-in-wales

Denbighshire County Councils Business Rates Page www.denbighshire.gov.uk/en/business/business-rates/business-rates.aspx

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