The next revaluation of business rates takes place on 1 April 2023.
This means your new business rates will be calculated based on property rental values and the state of the economy as at 1 April 2021.
Why is this important?
Thanks to the pandemic, the number of property transactions in the market since 1 April 2021 has been much smaller.
This means that your Rateable Value (RV) could be calculated by the Valuation Office Agency (VOA), based on a distinct lack of market evidence.
This could result in a new RV which is significantly different to that of your last.
To help you understand what will happen when and how this could impact your business, download our useful Revaluation 2023 flyer for more information.
To avoid the many pitfalls of this complicated property tax and ensure your RV is calculated correctly whilst making the most of the reliefs available to you, Vail Williams can help.
Our team of expert business rates advisers based in London, Birmingham, across the Thames Valley, Gatwick, and South Coast regions, can advise you on how best to reduce your business rates liability.
Our support can start now – from challenging your existing and future RV to responding to VOA requests and advising on the financial impact that changes to your property might have on your business rates, and even removing properties from the Rating List where works are underway.