Understanding your Rateable Value

Understanding your Rateable Value

Business rates are assessed on your property’s rateable value. The Valuation Office Agency (VOA) are an agency of HMRC and maintain the Non-domestic Rating List. This includes setting the rateable values of business properties.

Business rates are charged on most non-domestic properties, like:

• Shops
• Offices
• Pubs
• Warehouses
• Factories
• Self-contained holiday lets
• Beach huts
• Car parking spaces

You’ll probably be liable for business rates if you use a building or part of a building for non-domestic purposes.

Find more information regarding Rateable Value and Business Rates.

Self-Catering Holiday Lets

For more information about Self-Catering Holiday Lets (and being assessed for non-domestic rates, rather than Council Tax), refer to the government's business rates guidance on self-catering and holiday let accommodation.

Contacting the Valuation Office Agency

You can contact the Valuation Office Agency using their general enquiries form.

If you think that your rateable value is wrong

If you believe that your rateable value may be incorrect, you can initiate The Check, Challenge, Appeal process.

The Check, Challenge, Appeal process allows the owner or occupier to directly notify the VOA if any factual details about the property or assessment are incorrect.

Further information on the process.

Revaluation 2023

The Valuation Office Agency (VOA) regularly update the rateable values of all business and other non-domestic properties (properties that are not just private homes) in England and Wales. This is called a revaluation.

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.

The last revaluation came into effect on 1 April 2023. For further information see the video: What is a revaluation?

Completion Notices

What is a Completion Notice?

A Completion Notice is a document that specifies the completion date for newly constructed or existing buildings which have undergone or are undergoing major works or structural alterations. The Completion Notice states the completion date; this is when the premises will be rated and entered into the Business Rates list.

Legislation states Completion Notices are served on the 'owner' where a premises is structurally complete; or remaining work can reasonably be completed within three months. The property need not be structurally complete by the completion date; only capable of completion. When setting a completion date, legislation does not allow us to consider other factors; whether financial or personal.

Completion Notices are issued in accordance with Schedule 4A of the Local Government Finance Act 1988 and Section 17 of the Local Government Finance Act 1992.

What happens if a property is complete but unoccupied?

For the purposes of Non-Domestic Rating, completed properties that remain unoccupied can apply for up to 3 months empty property relief (6 months for industrial properties) from the deemed date of completion.

Who issues the Completion Notices?

The Local Authority specifies the date that the property will become complete. To ensure that Completion Notices are issued accurately a Business Rates Inspector will visit and review properties that are being built or altered. During the inspection evidence such as photographs, and completion notice reports are obtained.

What happens if a property becomes occupied?

A new or altered property does not require a Completion Notice once it becomes occupied. The date used to enter the property into the Valuation List will be the date of occupation.

What do I do if I disagree with the Completion Notice?

If you disagree with a Completion Notice you should contact the Business Rates Inspection Team, in the first instance, setting out the reasons why you disagree with the date of completion. Your reasons will be considered and either confirmation of the date will be given, or a revised date will be proposed.

To make a formal appeal against a Completion Notice, the regulations specify that you must appeal to the Valuation Tribunal Service within 28 days of the date of the notice being served.

You can do this online via the Valuation Tribunal website: www.valuationtribunal.gov.uk or phone: 03001 232035.