IMPORTANT NEWS REGARDING 2017 REVALUATION
Budget Announcement March 2017
In the Spring Budget the Chancellor announced the following three measures to help reduce the impact of business rate increases from April 2017;
Scheme 1 - relief would be made available to those ratepayers facing large increases as a result of the loss of small business rate relief, the Council has already identified ratepayers likely to qualify for the Scheme and recalculated and reissued new bills to them in September
Scheme 2 - a new relief scheme for pubs that have a rateable value of below £100,000. Eligible pubs have been contacted and are now in receipt of the £1,000.00 discount on their bill.
Scheme 3 - The new local discretionary relief scheme allows the Council to provide some support to ratepayers facing increases in their bills. The Council has already identified ratepayers like to qualify for this scheme, a copy of the Watford Borough Council Revaluation support policy, which was approved 14 September 2017 can be found here: DRR Revaluation support policy
Check Challenge Appeal:
If you have reason to believe that your 2017 rateable value is not correct, follow the instructions provided below. You will need to do the following (not available until 1 April 2017):
- CHECK - review and confirm the facts about your property held by the VOA
- CHALLENGE – once the facts are established, explain why you believe your valuation is wrong.
An appeal on your 2017 rateable value is not possible, and may not be necessary, until you have completed CHECK and CHALLENGE.
Roles and Responsibilities
The Valuation Office Agency (VOA), an executive agency of HMRC, is responsible for assessing all rateable values across England and Wales by using property details such as rental information.
The local Authority then uses the rateable value and the Business Rates Multiplier (set by Central Government) to calculate your Business Rates Bill.
What is rateable value
The rateable value is assessed by the Valuation Office Agency, which is an Agency of HM Revenues and Customs
A property’s rateable value is an assessment of the annual rent the property would rent 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: https://www.gov.uk/correct-your-business-rates
What is a Revaluation?
The VOA regularly reassesses and updates 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 we may apply.