Business rates revaluation 2017
Business rates are based on the rateable value of your business property. The rateable value is the amount of yearly rental income your property could be let for on the open market. Rateable values are reviewed periodically to take account of changes in the property market. The next business rates revaluation takes effect from April 2017.
The review of rateable values is carried out by the Valuation Office Agency. They have written to all businesses in the borough, about the revaluation. A copy of their letter can be found at the bottom of this page.
If you disagree with your new rateable value you can ask them to look at it again, but you must do this before 30 November 2016.
More information is available at the Valuation Office Agency website. You can see
- your old rateable value
- your new rateable value
- an estimate of next year's business rates bill
- what to do if you disagree with the new proposed rateable value
What will it mean for my business rates?
You do not need to contact us, because at the moment we cannot give you an accurate estimate of next year's business rates.
The new rateable values list has not been finalised, and the government have not announced next year's multiplier figure which will be used to convert your rateable value to an amount of business rates.
Next year's bills will be sent out in March 2017, but we will update our website with more information when it becomes available. However, in the meantime, here are some examples of how your business rates may or may not change next year.
If you don't currently get any reductions on your business rates
If your rateable value has gone up then you will pay more business rates and vice versa if it has reduced.
If your rateable value changes considerably
The government intends to introduce a Transitional Relief scheme. This will mean that if your business rates bill alters considerably, either up or down, these changes will be phased in over a number of years, to allow you time to adjust.
If you currently get small business rates relief because your rateable value is under £12,000
If your new rateable value is still below the £12,000 threshold then you will still see some reduction on your business rates bill. We will award this automatically and you will not have to reapply
If your new rateable value has dropped below £12,000
You may become eligible for small business rates relief. We will contact eligible businesses before the new business rates bills are issued to arrange this.
If you currently receive a discount or exemption apart from small business rates relief, for example because you are a charity.
These reliefs will be awarded automatically in 2017, and you will not have to reapply for them.