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.
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Moving your business or seeking additional premises? Before you move in you’ll probably want to know what your rates bill is likely to be. 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.
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 if it’s 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 it is – such as a shop or an 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. Alternatively, you may wish to consult an independent professional rating adviser. You can find a recognised local adviser by contacting the RICS or the IRRV or the RSA.
You should inform your local authority if you are moving business premises as this information is needed to finalise your business rates account on the property you are leaving and ensures that you are not charged for any period of time that you are not occupying the premises.
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.
© 2004 mybusinessrates.gov.uk