New Rating Lists were published in 2010 & 2017, the next change is set for 2021. If you want to check your rateable value there are a few thing you can do. You may feel that your rateable value is incorrect and in some cases it’s well worth doing some simple checks.
We strongly advise that if you are in doubt about the validity of your rates that check first before applying for any recalculation. Remember rates can go up as well as down. To check your rateable value you can:
- Download a copy of your Rateable Value from: https://www.gov.uk/correct-your-business-rates
- Then simply measure your floor space – check it’s correct against your Rateable Value
- Since your Rateable Value is an estimate of the rental value of your property (with a few assumptions), your agreed rent can be a good indicator as to whether your Rateable Value is appropriate. Ask a commercial property agent for advice. See below for more information.
- Why not ask your neighbouring businesses what their rates are and see if they are on an equal par to yours.
Checking your rental value with a property agent:
If you use a local agent they will potentially have more knowledge about local business rates. We have listed 3 commercial property agents below for your information, other agents are available:
- Flude Commercial Chichester Ltd: 01243 819000
- Henry Adams Commercial Ltd: 01243 532222
- Tod Anstee LLP: 01243 523723
There should be no fee for the initial consultation in deciding the merits of an appeal, most agents will only charge a fee after an appeal has been concluded and you are in receipt of your refund. The fee basis will either be a fixed fee, or more common is a percentage of the savings generated by the appeal.
If you feel, after doing any of the above that your rates have been calculated incorrectly you can go to Valuation Office Agency to begin the process called Check, Challenge, Appeal at: https://www.gov.uk/correct-your-business-rates.
If you want to work out your rates payable from your Rateable Value, here’s how:
You can work out what your business rates (non-domestic) charge, this is the rateable value of your property times the multiplier (also known as the poundage). The multiplier is the number of pence per pound of your rateable value you will pay.
From 1 April 2018 there are two multipliers:
0.48 (0.491 from 1 April 2019)
0.493 (0.504 from 1 April 2019)
The lower multiplier is used where: the rateable value is £50,999 or lower, and the property is occupied, and the ratepayer is not in receipt of a mandatory relief (e.g. charity or rural).
The higher multiplier is used where, the rateable value is £51,000 and over, or
the property is empty, or the ratepayer is in receipt of a mandatory relief (e.g. charity or rural)
Alternatively, you can contact a local commercial agent as mentioned above.