From 1st April 2023 many businesses will be facing new business rates bills. This follows new valuations of their properties to reflect more recent market conditions, as committed to in the government’s review of business rates. The Valuation Office Agency (VOA) has updated the rateable values of all business, and other non-domestic property in England and Wales. These future rateable values will take effect from 1st April 2023.
What are business rates?
Business rates are a property tax, with rateable values calculated for all individual, non-agricultural businesses by the government’s VOA. Farm shops, holiday accommodation, wedding venues, warehouses and storage businesses would all typically be assessed for business rates.
Exemptions
Solely agricultural enterprises are exempt from paying any rates, but if a building (or part of a building) is used for commercial purposes, then the whole building becomes liable for business rates.
Relief
There are significant levels of relief that can be accessed, but the onus is firmly on the business owner to check that they are receiving any relief that is due.
Retail, hospitality and leisure relief
Finding the rateable value of a property
Use the following link to find the to find the rateable value of a property: Find a business rates valuation – GOV.UK (www.gov.uk)
