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BUSINESS RATES
What are they? How are they calculated? What happens if I think I've paid too much?
Occupiers of 'non-domestic' properties contribute towards the costs of local authority services through business rates. Each property is given a rateable value, based on a professional assessment of the annual rent of a property if it was available to let on the open market at a fixed valuation date.
The Valuation Office Agency (VOA) determines the levels of rental value appropriate in a particular location for different types of property.
The rateable value forms the basis for the calculation of business rates times a multiplier factor set by central government each year. This is published in a rating list by the VOA who produced the most recent revaluation in April 2005. The Summary Valuation explains how the rateable value of a business property has been calculated. Since the rateable value is the assessment of the rent of a property as described above, it may differ from the actual rent paid.
What can I do about it?
Sometimes the rateable value falls. The multiplier can change significantly following a revaluation to take account of fluctuations in the total rateable value across the country and rises in line with inflation every year.
If you disagree with your rateable value, you can appeal directly to the local VOA or approach a rating agent to handle it. Likewise if there are difficulties paying the bill, contact the local authority immediately.
Any proposal for an alteration to your business rates needs to follow a simple process:
Obtain a copy of Form VO 7012 (2005)
Non-Domestic Rating
Proposal to alter the 2005 Rating List.
It asks questions relating to your property/rating assessment, rateable value and other information, grounds for proposing an alteration and details of the proposer. A set of guidance notes VO 7012 GN (2005) is provided to assist in completing the form. Answer all questions.
Once completed it should be returned to:
Aylesbury Valuation Office
Heron House
49 Buckingham Street
Aylesbury
Bucks
HP20 2NQ
T: 01296 550300
F : 01296 550399
E: readinggroup@voa.gsi.gov.uk
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