Small firms will soon find out the rateable value of the premises they occupy, as part of a revaluation of the business rates scheme.
The amount will vary according to the type and value of the premises, and is the first revaluation exercise since 2010.
Rianda Markram, Commercial Professional Support Lawyer at FSB’s legal services provider LHS Solicitors, says firms should watch out for emails advising them of their draft rateable value from the end of September. “The council will not be sending out paper copies, and therefore we suggest that you register your email address with the Valuation Office,” she said.
The next business rates revaluation for England, Scotland and Wales is scheduled to come into effect on 1 April 2017 and will be based on hypothetical rental values as at 1 April 2015. There is no date set for revaluation in Northern Ireland.