Poole Office: 01202 678555

Wimborne Office: 01202 849169

  • slider-1.jpg
  • slider-2.jpg
  • slider-3.jpg
  • slider-4.jpg

Request a Call Back

Please enter your name and phone number

Latest News

Date announced for Autumn Budget 2017
13/09/2017 - More...
The Chancellor has announced that the...

Reduction in dividend allowance confirmed
13/09/2017 - More...
Now that the second Finance Bill of 2017...

Making Tax Digital
13/09/2017 - More...
The new timetable for the introduction...

Search News

Newsletter

With our newsletter, you automatically receive our latest news by e-mail and get access to the archive including advanced search options!

»Sign up for the Newsletter
» Login

 

New rateable values for properties in England and Wales have come into effect. But what does that mean for your business?
08/05/2017

1. The Government’s own report suggests rateable values will rise by over 10% in England making this a worrying cost increase for local businesses.

An example:

A property has a rateable value of £20,000 with a multiplier of 49.3p. It pays £9,860 (20,000 x 0.493) per year. A 10% rise could seriously eat into profit margins.

A property’s business rate bill is worked out by multiplying its ‘rateable value’ by the ‘multiplier’. These values are set by the Valuation Office Agency for England and Wales.


2. The English multiplier should fall to 48.0p for 17/18.

There is a legal requirement that the multiplier balances any rises. This is excellent news for businesses in England.


3. Small business rate relief is being extended

To relieve the burden on some small businesses, the lower threshold for small business rate relief is being extended. Properties with values of £12,00 or less will receive 100% relief. Tapered relief is available up to a value of £15,000.


4. What a property consists of is changing

Valuers will be obliged to value each property separately when they are physically separate. So an office and a car park will have a value each, even if they are rented together.


5. Check, Challenge, Appeal

To speed up the expected high volume of appeals against rateable values, the government has introduced a new system for appeals. The aim is to reach agreement on the facts that underpin the valuations at an early stage in the process thereby removing the need for a formal appeal in a large number of cases. 

Talk to us to find out more


Contact Us

Poole Office

Tower House, Parkstone Road
Poole, Dorset
BH15 2JH
Tel: 01202 678555

This email address is being protected from spambots. You need JavaScript enabled to view it.

Company Registration No: O7430971
VAT Registration No.107585703

Wimborne Office

Beaufort House, 2 Cornmarket Court
Wimborne
BH21 1JL
Tel: 01202 849169

Membership

ICAEW-White

Save