Proposed Business Rates Changes: What they mean for businesses
In the Autumn budget, Rishi Sunak announced various key reforms to the way in which business rates are charged which included a plan to revalue property every 3 years from 2023 onwards and basing the business rates on this value. Then, on the 30th November, a technical consultation was published which set out numerous technical changes to make these measures workable.
While many have welcomed the use of up-to-date property values, there has been major concern that the burden will fall on businesses to determine them. This has been indicated in new provisions under which businesses are to regularly provide information regarding their activities within relevant properties to the Valuation Office Agency (VOA), there will be an additional requirement to keep this information up to date annually which places a significant administrative burden on business as the revaluation will only take place on a three-yearly basis.
Also outlined is relief which should aid businesses to improve their ratable value without seeing an extreme increase in rates. This is designed to incentivise the improvement of properties which may have previously not been worth improving due to the added cost of additional rates.
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