The 2017 Rates Revaluation is coming. The time for businesses to act is now as the information supplied to the Valuation Office this year will be vital to the 2017 revaluation. As it is based on annual rental values as at 1 April 2015, it is vital that business owners complete their Rent Return accurately and on time.
The Valuation Office’s forms are currently being sent out. There are penalties for late completion and return. Regardless of this, the data supplied will be crucial in forming the basis for the 2017 business rates.
Paul Giness of The Beattie Partnership explains, “Think of the Rent Return like a Tax Return. Don’t be late returning it. Be as accurate as you can as it can save you a lot of trouble later. Be careful if there’s any incentives, such as rent-free periods. These could have consequences for the rateable value when it’s set in 2017″.
The Chancellor announced last autumn that anyone lodging a successful appeal against business rateable values after April 2015 would not have their reductions refunded back to April 2010. Currently there is a huge backlog of appeals so the stakes are high. It makes it all the more important for businesses to help themselves by getting the correct details to help produce more accurate draft values which will be published next Autumn.
“Businesses unsure of their details, or of what exactly to include, should consider seeking professional advice,” Paul concludes. “In the long run it’s likely to help save them money in the future. We expect the usual right of appeal once the revaluation starts. The appeal process can take some time to come through so acting now is the sensible option.”