On 17 November 2022, the government released the draft 2023 rating list which contains the proposed rateable values that are due to come into force on 1 April 2023. 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. We use these rateable values to calculate business rates bills.
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.
Finding your rateable value
You're 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 the Gov.UK website.
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'll 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.
Government Autumn Statement 2022
The government announced a number of steps to help business rate payers when the revaluation comes into effect on 1 April 2023. The main steps to provide assistance to businesses are:
- To support high street properties the government is extending and increasing the Retail, Hospitality and Leisure Relief Scheme from 50% to 75% for 2023-24, up to £110,000 per business
- Freezing the business rates multiplier will keep the small business multiplier and standard multiplier at 49.9p and 51.2p respectively, rather than rising to 52.9p and 54.2p
- Reforming transitional relief. For businesses seeing lower bills as a result of the revaluation, the government will make sure they benefit from that decrease in full straight away, by abolishing downwards transitional reliefs caps. The government also announced a £1.6bn scheme to cap bill increases for businesses who will see higher bills as a result of the revaluation
- Protection for small businesses who lose eligibility for small business rate relief due to new property valuations, through a more generous Supporting Small Business Scheme worth over £500m
Visit the GOV.UK website for full details about the Autumn Statement.