The Valuation Office Agency (VOA) has published the 2023 rating list in draft, which will allow rate payers to see how their rateable value will change from 1 April 2023. Rate payers can log in to the government website and see their new assessment.
What does this mean?
Thanks to the pandemic and its eff ect on the property market, RVs will be calculated based on a distinct lack of transactional rental evidence.
This could result in signi? cant changes between your 2017 Rating Assessment, and 2023 – particularly for businesses based in or near to industrial premises, where rental values have seen signi? cant growth.
What to be aware of
Potential mistakes and delays: The move to three-yearly Revaluations could put pressure on the VOA, resulting in RV inaccuracy or delays in processing cases.
Complicating complexity: A new annual Duty to Notify the VOA of any changes to the occupation or physical characteristics of your property, adds more complexity to an already complicated process, with ?nancial penalties for non-compliance.
Material Change of Circumstance: Certain categories will be excluded from appeal, including those arising from legislation, regulation, or licencing changes.
Transitional Relief: Potential to bene? t from rates relief for small businesses whose RVs increase signi? cantly, capped at 15% for RVs up to £20,000 and 25% up to £100,000.
Improvement Relief: Aimed at occupiers, this is a 12-month relief available for eligible improvements to an existing property. Any improvements made will impact your RV and associated business rates.
Are you ready for the next RV era? Act now
For support, get in touch with our team of experienced rating surveyors based across the UK, or contact ratinghelp@vailwilliams.com
