Every five years (quinquennial) the rateable values of all 1.75 million business properties in England and Wales are reassessed. The most recent valuation came into effect on 1st April 2005. Many ratepayers received details of their proposed new rateable value in the form of a summary valuation.
Small business must be made aware, that If their rateable value is less than £15,000 (or less than £21,500 in Greater London) they may benefit from the Small Business Rate Relief scheme. They will of course, need to register their eligibility to the scheme with the relevant local authority.
Since the introduction of Uniform Business Rates there have been many instances where it has been possible to reduce the costs of a business by appealing against the rating assessment.
A detailed case must be made including analysis of comparable evidence and negotiations and with District Valuer are undertaken.
It should be noted that further recourse is available to the Valuation Tribunal if no agreement is reached.
To arrange a Rating Valuation or Appeal, please contact us at Jonathan Berney Consultant Surveyors and Valuers.