Find out how your business property's rateable value is affected by the government's revaluation.
The Valuation Office Agency (VOA) regularly updates the rateable values of all business and other non-domestic properties (properties that are not just private homes) in England and Wales. This is called a revaluation.
For the 2023 revaluation, the VOA reviewed the rateable values of all 2.14 million non-domestic properties in England and Wales. The changes will take effect from 1 April 2023.
Rateable values are the amount of rent a property could have been let for on a set valuation date. For the 2023 valuation, that date was 1 April 2021.
Councils use these rateable values to calculate business rates bills.
Revaluations are carried out to reflect changes in the property market, which means business rates bills are based on up-to-date information.
Revaluation is when the government adjusts the rateable value of business properties due to changes in the property market. The most recent revaluation came into effect on 1 April 2023. The next one is due on 1 April 2026.
At revaluation:
A change in your rateable value doesn't always mean a change in your bill.
How much your bill can change from one year to the next depends on:
You can find full information on how your bill can change on the GOV.UK website.
Councils are responsible for anything to do with your business rates bill.
However, the VOA is responsible for the valuation of your property. You will therefore need to contact the VOA for questions about your rateable value.
You can get an estimate of your 2023 to 2024 business rates bill through the VOA's section of the GOV.UK website.
To tell the VOA about changes to your property details, like floor area sizes or parking, sign in or register for a business rates valuation account. The VOA may accept your changes and update the current and future valuations.
From April 2023, to tell the VOA that you think your rateable value is too high, sign in or register for a business rates valuation account. You must continue to pay your business rates as normal until a decision has been made.
The VOA bases most rateable values on an estimate of what it would cost to rent a property for a year, starting on a certain date.
For the 2023 valuation, that date was 1 April 2021. This was during the pandemic and the rent information the VOA used reflected this.
You can find out what revaluation means for businesses on the VOA website.