Business Rates Revaluation

Business rates revaluation and the imminent arrival of new bills, could see major changes to the amount paid in business rates. The last revaluation was in 2010 in the middle of the financial crisis, when property prices were much lower. The government delayed the latest round which was due in 2015 because of the ongoing economic uncertainty. However on 30th September 2016 the Valuation Office Agency (VOA) published the new rateable values of every non-domestic property in England. Soaring property values in parts of London and the South East over the past few years mean that business rates could be significantly increased locally.

But the changes aren’t coming in all at once because when rates are revalued, the government provides a transitional arrangement to help companies adapt. This arrangement will limit the amount that bills will go up each year, so businesses facing higher rates will see their bills go up in steps over the next five years.

You can check the new rateable value for your business here

https://www.gov.uk/correct-your-business-rates.

Blue Bermondsey BID is keen to hear from member businesses who may be adversely affected by a rise in their rateable values.

The government is currently consulting on exactly what form the transition will take and in partnership with leading business groups in London and neighbouring Southwark BIDs we will use this information to campaign on behalf of our members, for a fairer deal.

 

Posted in BID News