Every five years the rateable values of business properties in England and Wales are reassessed. There are currently 1.75 million such properties. The next revaluation will come into effect on 1 April 2005.
Towards the end of last year, businesses were sent information about how the new valuation for their property had been assessed. The information in the form of ‘summary valuations’ contained a detailed description of a business property’s attributes and a breakdown of how its total rateable value had been derived.
A new government website - mybusinessrates.gov.uk - has been set up which is designed to provide businesses with a single source of information on business rates. However the information on the website is for ratepayers in England only and the information provided is very basic. Those in Wales, Scotland and Northern Ireland are advised to refer to their central or local authority.
In Northern Ireland refer to www.ratecollectionagencyni.gov.uk Enquiries relating to Scotland can be directed to Enquiries@scotland.gsi.gov.uk or phone 0131 244 7051.
Many businesses will see significant rises in their rates bills from April. According to the Federation of Small Businesses ‘about 40% of firms face a hike in their business rates. Worst hit will be warehouses and shops which face an average rates hike of 5.7%’. However it’s not all gloom. A new Small Business Rates Relief will be introduced in April. The relief is not automatic. Businesses that may be eligible should contact their local authority as soon as possible if they have not already done so.
The government has also announced that appeals against valuations shown on the new Rating Lists may be made at any time during the life of the List (April 2005 to March 2010), with any consequent change in value backdated to 1 April 2005. Currently any changes are only backdated to the immediately preceding 1 April.