The Valuation Office Agency (VOA) has updated the rateable values of all business, and other non-domestic, property in England and Wales.
These future rateable values will take effect from 1 April 2023.
Businesses can check the factual information used for their valuation and tell the VOA if anything is wrong.
Local councils calculate business rates bill by multiplying the rateable value by the multiplier set by the government, so a rise in your rateable value does not necessarily mean the rates bill will go up by a similar amount.
For 2023-24, standard multiplier is 51.2 pence and small business multiplier, for businesses with rateable value below £51,000, is 49.9 pence.
The councils apply any rate reliefs you are eligible for, meaning that some small businesses will not pay any business rates at all.
The government has announced a package of rates relief for businesses as part of the Autumn Statement 2022.
The government also confirmed its commitment to reform of the business rates system by delivering more frequent business rate revaluations.
How to check the future rateable value for your business property:
If your property is in England, get an estimate of what your business rates bill may be from 1 April 2023 from GOV.UK here.
You can also check the factual details VOA hold for the property and compare the property’s rateable value with similar properties in the area.
You will need to sign into, or set up, a Business Rates Valuation Account to tell the VOA about changes to your property details. These changes can include things like floor area sizes and parking.
From 1 April 2023, businesses will be able to use this account to let VOA know if you think your new rateable value is too high.
If your property is in Wales, you can now see the future rateable value for your property and get an estimate of what your business rates bill may be from 1 April 2023 from GOV.UK here.
This estimate is based on Wales’ 2022-23 multiplier and small business rates relief. The multiplier will be updated for 2023-24 before business rates bills are sent out by your local council and may result in a change to the estimate shown.
The future rateable value will be used to calculate your business rates bill from 1 April 2023.
