The Valuations Office Agency (VOA) is in the process of updating the rateable values of all business properties. This is known as a revaluation. Rateable values are used by local councils to calculate business rates, and business rates bills will be calculated using the new rateable values from 1 April 2017.
BWF would urge members to register their email details with the VOA now and they will email you when the draft rateable values are available to view on gov.uk in October 2016.
You can register your email at www.gov.uk/voa/revaluation
This will be your chance to let them know if the information that they hold about your property is incorrect. If you don’t review your details you may find yourself paying an incorrect amount in business rates.
Rateable values are used by local councils to calculate business rates, and business rates bills will be calculated using the new rateable values from 1 April 2017. In addition to this there are set to be changes to the way the business rates appeals system works and how business rate relief is calculated.
- You can find detailed information from BWF and how business rates apply to each part of the UK here: Is there a way for me to get my business rates lowered?
- Guidance on the Valuation Office Agency and business rates (non-domestic rates) can be found here: www.gov.uk/guidance/valuation-office-agency-and-business-rates-non-domestic-rates
BWF members should be wary of unsolicited approaches from companies offering to appeal against a new business rates valuation on their behalf (in exchange for fees of up to £700).
The BWF’s employment, legal and tax guidance is one of the most developed areas of our support for woodworking companies. BWF members needing advice on tax and employment matters can use our free-to-members business support helplines which includes legal assistance from Wedlake Bell, and employment advice from Croner. They can find further resources in this area under publications, where we have a number of guides and template documents.