Within the last few days you will have received from the Valuation Office Agency, details of the new rateable value which will be applied to your property due to come into effect from 1 April 2010.
Rateable value should represent the annual rental value of the property as at 1 April 2008 so the rating assessment is not a current valuation.
Rateable value on its own does not give you the full picture as to your likely rate liability in the new financial year, for the rateable value is mutliplied by the uniform business rate (not yet determined) but is likely to be of the order of 41.7 p in the £ for most properties.
HOWEVER - The Government is minded to continue with the highly complicated system of transitional relief first introduced in 1990 to reduce the effects of any large increases in liability as a result of the revaluation. This is a self financing scheme so that there are always "gainers and losers" with some business failing to secure the immediate benefits of a reduction in their own rateable value.
The small business rate relief scheme will continue, eligible ratepayers with a rateable value below £6000 receiving 50% relief, on a sliding scale up to £12,000.
Your rate demand will appear, as usual, in your place of business in mid March 2010 but before that time arrives you might like to consider/reconsider whether your existing rateable value is correct, as this may directly affect your liability in the years ahead. Appeals against the entries in the 2010 List cannot be lodged before 1 April 2010.
And a word of warning.... the "rating cowboys" are still around. Be sure that you instruct a professionally qualified agent who can advise across the full range of rating work
This article was supplied by Martin Hilary from Brown & Lee Chartered Surveyors. For more information contact firstname.lastname@example.org