New Rateable Values from 1 April 2023 – what you can do now
There have been a flurry of scaremongering communications from business rates experts seeking to instil fear for the prospect of the 2023 Revaluation. The Revaluation will be published in Draft format at the end of November 2022 and at that point you can consult the List to make sure factual issues are correct and the valuation scheme has been correctly chosen. The VOA in the past have been very amenable to agreeing changes to the Draft Rating List without the palaver of going through lengthy Check, Challenge Appeal processes.
Our top-tips for taking action is as follows: -
1) Make sure you have registered on the VOA portal and claim the properties that are yours. If you need help, we offer a simple service to create a portal and secure the properties that your liable for or own.
2) Do not respond to fear mongering phone calls and emails, these are rarely correct and run the real risk of enticing you to employ “less than favourable” agents.
3) If you have received a “Notice of Information: Non-domestic Rating” and require help, please contact us as we can advise you on the correct completion of these forms. Often rate payers get confused between repairs and improvements and rent-free periods and stepped rents. We can help.
4) Do not start the Check, Challenge Appeal process unless you are satisfied that there is a real case for a reduction, we rarely advise clients to believe all their assessments are under-valued. Poorly judged Checks create increases.
5) There is a proposed “Duty to Notify” in the 2023 Revaluation, similar to Income and Corporation taxation, if you have made changes to your building we highly recommend you consult us before notifying the VOA, often there are details that need to be clarified, such as date limitations etc, before opening an enquiry.
6) Finally, if you have real doubts that your assessment is currently correctly assessed, contact us and we will make an appointment to inspect and advise you before the cut-off date for serving a Check on 31 March 2023. If there is a possible reduction, swift action can result in the savings being backdated to 1 April 2017.