The Chancellor recently confirmed in his Spring Statement that the next revaluation, presently due in 2022, will be brought forward to 2021, with the intention of moving to a 3 yearly revaluation cycle thereafter. The Government also intends to stick to the current system of using rental values, rather than some form of self-assessment.
This is welcome news, since most businesses understand rental values and, with the greater frequency of reviews, rateable values will be more closely aligned with market rental values.
There is still, however, a backlog of appeals against 2010 rateable values, which are being processed by the Valuation Office Agency. In the meantime, businesses should now be receiving their rates bills for 2018/19 and it is important that these are checked to confirm that the figures are in line with expectations.
If you have any queries or concerns about the level of your business rates, contact Fraser Wood on 01922 629000 and we can provide free initial advice.