20th July 2023
Business rates revaluation
What is revaluation?
The Valuation Office Agency (VOA) regularly updates the rateable values of all business and other non-domestic properties (properties that are not just private homes), in England and Wales. This is called a revaluation.
Rateable values are the amount of rent a property could have been let for on a set valuation date. For the 2023 valuation, that date was 1 April 2021. This was during the pandemic and the rent information the VOA used reflected this.
We use these rateable values to calculate business bills.
Revaluations are carried out to reflect changes in the property market, meaning that business rates bills are based on more up to date information.
The next revaluation will come into effect on 1 April 2023.
Contacting the Valuation Office Agency
We are responsible for anything to do with your business rates bill.
The Valuation Office Agency is responsible for the valuation of your property. You will therefore need to contact the VOA for all queries about your rateable value.
Finding your rateable value
You are now able to see the future rateable value for your property and get an estimate of what your 2023/24 business rate bill may be. You can do this through the VOA on Find a Business Rates Valuation on GOV.UK
Your property details need changing
To tell the VOA about changes to your property details (such as floor areas and parking) you need a business rates Valuation account. The VOA may accept your changes and update the current and future valuations.
Business Rates Valuation Account - sign in or set up to report changes that may affect your rateable value,
You think your rateable value is too high
From 1 April 2023, you will need to use a business rates valuation account to tell the VOA you think your rateable value is too high. You must continue to pay your business rates as normal until a decision has been made.
Transitional Relief Scheme
As in previous revaluations, the Government has put in place a transitional relief scheme to limit and phase in changes in rate bills, as a result of the 2023 revaluation.
The effect of the transitional relief scheme is to assist ratepayers whose bills would have increased above a certain amount, by phasing in these increases gradually, over 5 years.
For more details about revaluation visit the Gov.uk website.