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Business Rates Revaluation 2017

Added on: 24th October, 2016 by O1

Business Rates Revaluation 2017

Date Updated:Mon, 10 April 2017

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BUSINESS RATES ARE CHANGING and you need to know how this affects you.

All town centre businesses should now have received a letter from the Valuation Office Agency (VOA) confirming that they have completed the revaluation of rateable values and published the draft rateable values online.

This revaluation was delayed by two years and now reflects the changes in the property market across England and Wales since 2008. London has had the biggest increases with reductions seen across the rest of the country.

ORPINGTON 1st has responded by

At a local level:

Following the anouncement we have made contact with the VOA to request a named officer to assist us with any enquiries.

Compiling a list of all levy paying businesses with their proposed revaluations.

Held an open forum meeting to gather business views.

Put the VOA link onto our website.

Started gathering RV evidence for the town centre.

Orpington town centre has also seen some significant changes during this period which will now be reflected in your own rateable value. We have found a huge variation across the BID area with no obvious pattern emerging so we would encourage all businesses to visit the VOA website to view your own RV on line.

CLICK AND CHECK
You can check the details that the VOA have against your property and ask them to update their records if you are aware of any inaccuracies or changes that have taken place. You cannot appeal against your new RV until next April, when the changes will come into affect so it is important that you ensure the information is correct ASAP.

There is also a consultation regarding the transitional period which we would strongly recommend that you visit and respond to.

The good news for some is that there is a proposed rise in business rates exemption from 6k up to 12k so if your property falls below the 12k threshold, you will be eligible to get 100% relief with a sliding scale on properties up to 18k.

At a national level:

Orpington 1st has joined forces with 37 business groups, including 31 BIDs, representing 16,000 businesses across London, and the GLA, to write to the Government about the negative impact these rises will have across London with the aim of:

A. Improving the transitional relief scheme
B. Winning mitigating measures
C. Pushing for a long term review of the business rates tax system

The strategy has been to:

A. Unite London business and government in a common message to respond to the consultation.
B. Mobilise media support
C. Mobilise political support


The consultation on the transitional arrangements for the 2017 Business Rates Review has now closed.

CLICK HERE to view your draft rateable value for 2017.

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