Business Rates - 2010 Revaluation
Please note the next revaluation has been postponed until 2017.
We want to tell you about some important changes to Business Rates that take effect from 1st April 2010. We hope this leaflet provides you with helpful information and guidance that you may need.
You should have recently received a notification from the Valuation Office Agency (VOA), which informed you of the new rateable value for your premises. Your rateable value may have stayed the same, reduced or increased. The multipliers which we use to calculate your business rates are now available for the forthcoming financial year and have been detailed below. With the information in this leaflet you can assess the real impact on your business. The information below will also tell you about changes to reliefs and discounts.
What is business rates revaluation?
Every five years business rates are revalued to reflect changes in the property market for the purposes of calculating business rates. Premises are given a rateable value by the Valuation Office Agency (VOA) based on an assessment of the annual market rent of the individual property.
The VOA gathers as much evidence as possible about actual rents paid for properties in order to determine appropriate rental values.
The revaluation is not designed to raise extra revenue from business rates; it is used to ensure that business rates liabilities are redistributed in line with changes in the property market.
The summary valuation that you recently received from the VOA gave your 2010 rateable value. If you want to check your new rateable value, you can access the VOA online service at: www.2010.voa.gov.uk , alternatively you can contact the Business Rates Team on 0161 342 2045.
When will my new rateable value take effect?
All new rateable values are effective from 1 April 2010.
How are my business rates calculated?
Your annual business rates bill is calculated and collected by your local Council.
We multiply your rateable value by a multiplier which is set by the Government each year. The multiplier represents the number of pence in each pound of the rateable value that will be payable in Business Rates before any discount or reliefs are applied.
The Government issue two multipliers each year, a standard multiplier and one used for those accounts that qualify for Small Business Rates Relief, (SBRR).
For 2010/2011 the multipliers are:
This is a decrease from the 2009/2010 multipliers which were 48.5p and 48.1p.
What is transitional relief and will it apply to me?
The Government has now put in place a 5 year transitional scheme which has been introduced to phase in significant increases and decreases in rates liability following the 2010 revaluation. The new transitional scheme will also take effect on 1 April 2010.
If you would like more information on transitional relief, please contact the Business Rates Team on 0161 342 2045.
Is there any other help available?
Yes. Depending on the rateable value of your property and other criteria, you may be eligible for Small Business Rates Relief. From 1st April 2010 the Government have increased the threshold for eligibility meaning that if you have a rateable value of less than the increased figure of £18,000, and meet the qualifying criteria, you will be entitled to Small Business Rates Relief from April 2010. Other thresholds have also increased which will have a positive effect on the percentage of relief you will receive if applicable. To find out more please contact the Business Rates Team on 0161 342 2045.
Can I appeal against my 2010 rateable value?
You can appeal against your 2010 rateable value if you wish, and appeals can only be made after the 1 April 2010. All appeals must be submitted directly to the Valuation Office Agency and this process is free of charge. If you would like advice on making an appeal you can contact Non-Domestic Rates North West on 03000 501 501.
Can I still appeal against my current (2005) rateable value?
Yes. You have until 31 March 2010 to make a backdated appeal against your 2005 rateable value.
For more information email email@example.com or use the details below.