JARGON BUSTER - BUSINESS RATES

For a detailed explanation regarding Business Rates and detail regarding the Small Business Rate Relief please click the link below:-

> Government Business Rate Site

What are business rates?

Business rates are the way in which businesses and other occupiers of non-domestic property contribute towards the costs of local authority services.

What is a rating list?

The rateable value of your property, and those of all other business properties appears in rating lists published by the Valuation Office Agency (VOA). New, updated lists will come into effect on 1 April 2005 and will last for five years. Rating lists are available at the VOA’s offices and via www.voa.gov.uk.

What is revaluation?

A revaluation, or reassessment, of all rateable values is carried out by the Valuation Office Agency every five years to ensure that they are kept up to date and reflect changes in the property market. The next revaluation comes into effect on 1 April 2005.

What is rateable value?

The rateable value for your property is a figure based on a professional assessment of the annual rent of a property if it was available to let on the open market at a fixed valuation date.

Is the rateable value the amount I have to pay in rates?

No. The rateable value forms the basis for the calculation of your rates bill. It is multiplied by a factor set by central Government each year called the multiplier.

How can I find out what my rateable value is?

Your rateable value is printed on your summary valuation or, if you don’t have one of these on your rates bill. You can look up your rateable value online at www.voa.gov.uk or you can find out what it is from your local Valuation Office.