The Draft 2017 Rating List was published by the Valuation Office Agency on 30th September 2016. The online listing gives the new Rateable Values for non-domestic premises that will be effective from 1st April 2017.
This revaluation follows the postponement from April 2015. Because of this postponement, these new rateable values are expected to include significant increases and decreases dependent on the type of property type and geographical location.
If businesses wish to appeal, they will have to do so by April 2017 and any appeals will be subject to the new ‘check, challenge and appeal’ system. This new business rate appeal system increases the burden on the appellant to provide more detailed argument with proof to substantiate any claim for a reduction.
Robert Seares of RDS Commercial is warning Oxfordshire businesses that they could face considerable increases in their rates. “This latest revaluation is already 2 years longer that usual and so it is highly likely that rates will increase for some business owners.”
According to West Oxfordshire District Council, in general rateable values have risen significantly across the district although the multiplier (rate in the £) is expected to fall by around 3.5%.
Business owners can visit the Draft Listing online to get an estimate of their 2017-18 rates, which will enable them to decide whether to lodge an appeal in April 2017.
With so much change in business rates and in with the introduction of the new business rates appeal system, businesses are encouraged to seek professional advice from Royal Institution of Chartered Surveyors’ regulated firms like RDS Commercial. For advice contact Robert on 01993 705594 or email@example.com