mybusinessrates.gov.uk/wales the official government website
Working from home, renting out a holiday home or providing bed and breakfast - you may have to pay business rates on your property
Understanding summary valuations
Every five years the rateable values of all 1.75 million business properties in Wales and England are reassessed. The most recent revaluation came into effect on 1 April 2005. Many ratepayers received details of their proposed new rateable value in the form of a summary valuation.
Looking for premises
When choosing a property for your new business, the rates you will have to pay might not be one of the first costs you think about – but it could be an important consideration, particularly for small businesses, and especially if you are putting together a business plan.
You can find out the rateable value of any business premises in a local authority area from the rating list. This is a public document and can be viewed at your local Valuation Office, local authority offices and some public libraries. You can also look up the rateable value online – and see how it compares to other similar premises by postcode.
Remember that the rateable value is not the amount you will pay in business rates. To find out what your business rates bill will be, you should contact the finance department of your local authority.
If the property is still under construction or newly built, it might not yet have been assessed for rating purposes – so there will be no entry in the rating list. You can request an estimate of its rateable value by writing to your local Valuation Office. You will need to include details of the property’s address, the type of property – for example a shop or office – and a plan showing its layout and measurements. If you are renting the premises it is also helpful to provide information about the rent you have agreed. Contacting your local Valuation Office is always a good first step. Alternatively, you may wish to consult an independent professional rating adviser. You can find a recognised local adviser by contacting the RICS, the IRRV or the RSA.
If you move to new premises and receive a form from your local Valuation Office seeking details of the rent you pay, you should complete and return it within 56 days. Failure to return it within this period can result in a penalty.