If you are a business owner or planning to start a new venture, knowing the rateable value of commercial property is crucial. The rateable value determines the amount you will pay in business rates, which are taxes imposed on non-domestic properties in the United Kingdom. This article will guide you on how to find the rateable value of a commercial property and answer some related frequently asked questions.
How to Find Rateable Value of Commercial Property?
To find the rateable value of a commercial property, follow these steps:
1. **Visit the website of the Valuation Office Agency (VOA)**, which is an executive agency of Her Majesty’s Revenue and Customs (HMRC) responsible for assessing and rating non-domestic properties. The VOA maintains an online service called “Find and check your business rates valuation” that allows you to search for rateable values.
2. **Search for the property by address or postcode** on the VOA website. Enter the necessary details in the designated search fields to locate the property you are interested in.
3. **Review the search results** and select the property that matches your requirements. The website will provide you with the rateable value assigned to that particular property.
4. **Obtain detailed information** about the rateable value, such as the exact amount, any transitional relief eligibility, and other relevant details. This information will help you understand your business rates liability.
It is important to note that the rateable value is typically reassessed and updated every five years. Therefore, it is crucial to keep track of any changes that could affect your business rates.
Frequently Asked Questions (FAQs)
1. Is the rateable value the same as the market value?
No, the rateable value of a property is the value assigned specifically for business rates purposes, whereas the market value is the estimated price at which a property would sell in the open market.
2. Can I dispute the rateable value?
Yes, if you believe that the rateable value assigned to your property is incorrect, you have the right to appeal against it.
3. How often can I request a reassessment of the rateable value?
You can request a reassessment only if there has been a material change in the property or its surroundings that could impact the rateable value.
4. Will the rateable value affect my business rates bill?
Yes, the rateable value directly influences the amount you will have to pay in business rates. Higher rateable values generally lead to higher business rate bills.
5. Can I estimate the rateable value before starting a business?
Yes, you can usually obtain an estimate of the rateable value through the VOA website, even if you are not yet operating in the property.
6. Are there any rate relief schemes available?
Yes, there are various rate relief schemes, such as Small Business Rate Relief (SBRR), which can help reduce the amount of business rates you have to pay.
7. Can the rateable value change during a rating period?
No, the rateable value remains the same for the entire rating period unless there has been an alteration to the property or a significant error was made during the initial assessment.
8. What is Transitional Relief?
Transitional Relief is a scheme designed to limit the impact of large changes in rateable values following a revaluation. It helps to ease the financial burden that a sudden increase in business rates could cause.
9. Do all commercial properties have a rateable value?
Most non-domestic properties have a rateable value, but certain types of properties, such as agricultural land and some buildings used for charitable purposes, may be exempt.
10. Is the rateable value confidential information?
No, the rateable value is available to the public and can be accessed by anyone interested in a particular property.
11. Can I get financial assistance to pay my business rates?
Depending on your circumstances and location, you may be eligible for financial assistance from your local council to help cover your business rates.
12. How can I stay informed about changes in rateable values?
You can subscribe to updates from the VOA to receive notifications about revaluations and other changes that may affect your business rates.