** IMPORTANT NEWS REGARDING 2017 REVALUATION **
The District Valuer (Valuation Office Agency - VOA) will soon complete the revaluation of rateable values. From the 30th September you will be able to see the draft rateable values online.
Watford Borough Council recommends all Business Rate payers visit www.gov.uk/voa/revaluation to view your respective draft rateable value for your property. Review the information to make sure all your property information held by the VOA is correct.
If you think the information is incorrect, please request the VOA to update their records.
WE RECOMMEND THIS IS DONE BY THE 30TH NOVEMBER 2016
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 The 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;
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.