Business rates are changing from April 2017. Love Wimbledon urges businesses to review your draft business rateable value now to allow for appeal and preparation for any changes to be reflected in your budgets.
This comes from the government website:
‘At revaluation, the government adjusts the value of business rates to reflect changes in the property market. It usually happens every 5 years. The most recent revaluation came into effect in England and Wales on 1 April 2010, based on rateable values from 1 April 2008.’
So from April 2017, the business rates that you pay on your business premises are likely to change. The proposed draft rateable values were published on Friday 30 September and can be viewed by postcode or street name and town here (although Wimbledon is not recognised as a town!)
It is important to note at this stage that the multiplier (the percentage that is applied to your rateable value to define the actual cost of your business rates) is also an estimate. However, you can receive an estimate of your business rates from the same website based on the current multiplier.
If any of the details are incorrect on the website you are able to inform the Valuation Office Agency (VOA) of any changes which will then impact upon the business rates payable. Changes may relate to the number of floors and purpose of each floor or any internal modifications that you may have made.