2017 Rating Revaluation
The VOA are responsible for revaluing all assessments usually every five years. The valuations are based on the rental market two years prior to the rating list going live and this is called the Antecedent Valuation Date (AVD). The latest rating list came into force on the 1st April 2017 with rateable values based on the rental market of April 2015. Unusually, the last time the revaluation had been carried out was seven years prior in April 2008 and it is the change in the property market over these seven years which is now reflected in the new assessments.
Further information on how rates are calculated
Give me an example calculation
The standard London multiplier for 2016/2017 is 51.7p. If you move to a commercial premise that has a rateable value of, for example, £50,000, to calculate your business rates you would multiply the ‘multiplier’ by the rateable value (RV): 51.7p/100 x £50,000 = £25, 850. The estimated business rates for your property would be £25,850.
Are there any exemptions?
Announced in March 2016's budget, small business rate relief will double from £6,000 to £12,000 from April 2017. Small businesses that occupy property with a rateable value of £12,000 or less will pay no business rates. There will be tiered relief on properties worth up to £15,000.
From 1st April 2011, the threshold at which empty properties become liable to pay rates dropped from £18,000 to £2,600.
How Knight Frank can help you
As one of the leading specialist teams in this sector, we offer a full rates management service which will ensure that this costly overhead is mitigated at every stage. Article I.
- Account management
- Valuations, challenges and appeals
- Compliance & auditing
- Rate mitigation for empty properties
Knight Frank's business rates experts are members of the Royal Institute of Chartered Surveyors (RICS) and the Institute of Revenues, Rating and Valuation (IRRV)