Business Rate Changes in 2010Most busines have recieved their 'Summary Valuation' from the VOA. This sets out how the new rateable value for your premises have been worked out. The rates you actually pay are this 'Summary Valuation' multiplied by the new Business Rate, which has been set this year at 41.4p per £1. The 'Summary Valuation'is the VOA's view of the rental value of any property in April 2008 |
The VOA have already invited occupiers to let them know of any errors with the Valuation, and you can appeal against it because it is too high after April 2010. If you appeal, you have to pay your rates at the new value untill the outcome of the appeal is known. There is a time limit to appeal of 6 months from the date of issue, or 30th September, whichever is later. |
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The other big change in rates has been the rating of empty property in April 2008. From then, warehouses/industrial property empty for 6 months, and all other commercial property empty for 3 months has to pay the full rates. There are a few exceptions such as listed buildings or if the owner or occupier are in receivership. |
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Don't delay! Bear in mind the time limits! We take the view that there will be more appeals against this list than the last as the market was so uncertain in 2008, and the difficulty of establishing tones of value at that time. |
Our advice to most owners and occupiers is to study your new rateable value and take good professional advice from an experienced surveyor if you think it's excessive. |