Did you know that from 1st April 2017 the Valuation Office Agency, sometimes called the VOA is updating the rateable value of all business properties. This affects you if you rent a business property or you own a business property and pay rates.
The amount of business rates you pay is based on the rateable value for your property so it is key information.
The VOA usually assesses the rateable values in England and Wales every 5 years. It is based on the open market rental value on a fixed date, which was last in 2010. The forthcoming revaluation will be based on values on 1st April 2015.
The VOA uses a wide range of information and rental evidence to compare values across similar types of property in order to set the rateable value.
If you go on to their website, you can register your details to receive an email from the VOA to let you know when the draft valuation list is online. It is a good idea to do this because then you will have the opportunity to let the VOA know if any of the details are incorrect before the council calculates the rates payable from 1st April 2017.