Business Rate Revaluation 2023
- What is revaluation
The Valuation Office Agency (VOA) regularly updates the rateable values of all business and other non-domestic properties (properties that are not just private homes) in England and Wales. This is called a revaluation.
These non-domestic properties are not private homes. They include things like shops, pubs, offices and warehouses.
Rateable values are the amount of rent a property could have been let for on a set valuation date. For the 2023 valuation, that date was 1 April 2021
Rateable values are used to calculate business rates bills, and the revaluation often leads to changes in business rates bills, both through decreases, and, increases.
Revaluations are carried out to reflect changes in the property market, which means that business rates bills are based on more up-to-date information.
How Coronavirus (COVID-19) affected future rateable values – The VOA bases most rateable values on an estimate of what it would cost to rent a property for a year, starting on a certain date.
For the 2023 valuation, that date was 1 April 2021. This was during the pandemic and the rent information the VOA used reflected this.
Revaluation 2023 will impact the rateable values of all 2.14 million non-domestic properties in England and Wales.
- Finding your rateable value
You are now able to see the future rateable value for your property and get an estimate of what your 2023/24 business rates bill may be. You can do this through the VOA’s Find a Business Rates Valuation Service on GOV.UK.
- Your property details need changing
To tell the VOA about changes to your property details (such as floor area sizes and parking) you need a business rates valuation account. The VOA may accept your changes and update the current and future valuations.
- You think your rateable value is too high
From 1 April 2023, you will need to use a business rates valuation account to tell the VOA you think your rateable value is too high. You must continue to pay your business rates as normal until a decision has been made.
Sign in or register for a business rates valuation account ready for 1 April 2023.
- Contacting the Valuation Office Agency
The Council are responsible for anything to do with your business rates bill. The VOA is responsible for the valuation of your property. You will therefore need to contact the VOA for all queries about your rateable value.
- Valuation Office Agency communications
The VOA communications approach to the 2023 revaluation is to build customer understanding of the valuation process; signpost customers to the rates estimator and answers to common queries; and encourage customers to engage with the VOA early to provide the VOA with accurate information.
The VOA will be sending a direct email to English ratepayers who are currently registered for a business rates valuation account. This email will signpost customers to the VOA Find a Business Rates Valuation Service service and encourage them to check the details the VOA hold about their property.
The VOA are publishing a series of blogs on the VOA website which address frequently asked questions about revaluations and explain how the VOA value specific properties. The VOA have already published several, including one on what revaluation means for businesses.
Shortly after draft list publication the VOA will begin a social media campaign on both Twitter and LinkedIn. The VOA posts will signpost customers to their future rateable value or further information on common questions about revaluation.
The VOA will also publish a series of informative YouTube videos on their channel, which explain what a revaluation is and show customers how to navigate the VOA digital services. The videos currently published are:
- What is a revaluation?
- What is a rateable value?
- How to find your future rateable value