The Valuation Office Agency (VOA) has updated the rateable values of all business, and other non-domestic, properties in England and Wales. They will take effect from 1 April 2023.
Business rates are a tax on property used for business purposes, whether it be working from a commercial property or possibly from home.
The Government levies the charge on offices, shops, pubs, and warehouses.
In fact, most non-domestic properties will attract business rates. They may also be charged where only part of a building is used for non-domestic purposes.
How are they calculated?
You will receive a business rates bill from your local council in February or March each year for the upcoming 12 months.
They will be based on the property’s ‘rateable value’, the estimated value on the open market.
The rateable value for your property is not what you pay in business rates or rent. Your council uses the rateable value to calculate your business rates bill.
The Government has also announced a package of rates relief for businesses as part of the Autumn Statement 2022.
It says it has also pledged to reform the business rates system by delivering more frequent business rate revaluations.
Changes to business rates in 2023:
The Government has a tool you can use to check the VOA’s rateable value for your property.
Changes to business rates could affect the regular expenditure that your business incurs. To find out how this may impact your profitability and cashflow in future, get in touch with our team.
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