The Valuation Office published draft business rates valuations on all commercial property last Friday, 30 September. All occupiers of commercial premises should be aware of the implications of the revaluation and consider the effect of the tax on business plans and cash flow.
It has been seven years since all non-domestic properties in England and Wales were nationally valued. The 2017 revaluation is based upon shop, office, workshop, warehouse and other sector rental levels, established 1 April 2015. These rateable values will sustain for the next five years.
Between 2010 and 2014 most commercial rental values decreased and have only recovered ground in the last two years. No matter though, if assessments have increased, stayed the same or decreased, rate payers will need to check the new rateable value facts are correct and establish if in its breakdown, the valuation accords with 2015 rents, for the particular location. It is crucial business occupiers make themselves familiar with the new ‘Check, Challenge, Appeal’ process.
This new system may prove confusing in terms of valuation, the challenge process, timing and the cost of an appeal. At Drake Howard Property we have expert valuers to give advice on all aspects of business rates and reliefs which may be available to minimise your liability over the next 5 years. Contact Martyn Howard on 02476 450045 or firstname.lastname@example.org.