THE KEY TO KEEPING REVALUATION 2023 STRESS-FREE
With everything we’ve had to get our heads around over the last two years, it’s easy to forget that in 2021, the decision was made by the Valuation Office Agency (VOA) to reduce the period between Revaluations from five years to three from 2023.
This means that the next Revaluation – the process whereby the VOA will reassess the rateable value (RV) of business premises across the UK – will come into force on 1st April 2023. On the whole, the decision to reduce the timescales between Revaluations has been welcomed by some businesses, with the forthcoming 2023 Revaluation being of particular importance due to the impact Covid-19 had on operations.
The RVs calculated for the 2023 Revaluation will be based on rental values from 1st April 2021, when many businesses were still subject to operational restrictions. The impact that the pandemic had on the market between the previous Revaluation and this one could see business rates liabilities alter significantly, particularly since there is a shortage of market evidence due to the reduced number of property transactions since 1st April last year.
While retail and hospitality businesses were granted a program of supportive measures to help ease the financial burden of closures and investments into public safety, the industrial, logistics and manufacturing market spiked, with the sector experiencing unprecedented rental values as demand for industrial premises soared, with the result that businesses really don’t know what to expect when those calculations emerge.
As if that wasn’t enough to worry about, during 2023, the onus is set to fall on the ratepayer as opposed to the VOA), with a ‘self-assessment’ model being introduced whereby businesses submit annual statements for every property they use, providing information on size, rents, leases, landlord arrangements, changes of use and trading details, regardless of whether such details have changed since the previous update.
Those businesses with multiple properties will have to break down this information for every building; a time-consuming undertaking which is already causing ratepayers concern when it comes to understanding precisely what information is required and how to collate it.
Fortunately, our expert business rates team are on hand to ensure that not only is your RV calculated correctly but will use the Check Challenge & Appeal process to challenge new RVs.
The team will also ensure that you benefit from the reliefs available to you and provide up-to-date guidance and support regarding the financial impact of any changes your property has undergone.
To avoid becoming enmeshed in red tape, continue to focus on your business and let our team handle the rest for a stress-free Revaluation 2023.
The clock is ticking, so contact our team today