Rating specialist Harris Lamb is reminding business owners across the East Midlands that time is running out for them to address their new Rateable Values before they come into force in April.
Further to the Valuation Office Agency publishing the Draft 2017 Rating List, and advising all ratepayers of their new rate bills in advance of April 1st 2017, businesses have just six weeks to check their proposed Rateable Value.
Victoria Trafford, of Harris Lamb’s Nottingham office, said: “The new Rateable Values were published on September 30th, based on the Valuation Officers’ estimate of a property’s rental value as of April 1st 2015. These will replace the current Rateable Values which are based on market conditions on April 1st2008 – a period of seven years in which the UK property market has seen enormous shifts.
“The aim of the revaluation is to reflect these shifting market conditions, and produce a fairer rebalanced spread of the tax from both a geographical and market sector perspective”.
She added: “Industrial properties are also experiencing a shift in values. Initial reviews suggest an east/west divide, with Rateable Values in central and western locations rising, on average by over five percent, with values to the east and south east of the country falling by a similar average.
“Businesses are also reminded that the introduction of the new Rateable Values signal the closure of the current 2010 list, and ratepayers’ ability to appeal against their current RVs will be significantly restricted.
“With just six weeks to go before the new Rateable Values are introduced, businesses really are facing a battle against the clock to review current and future charges”.
Source: East Midlands Business Link