As a business owner, you might already know that your property’s rateable value underpins how much you’ll pay in business rates, a recurring cost no one loves. But here’s a timely heads-up from the Valuation Office Agency (VOA): the next revaluation is coming, and now’s the best time to get plugged in. The VOA importantly reminds us: “It’s important to remember though that a property’s rateable value is not the same as its business rates bill.”
What’s Changing – and When?
The VOA update rateable values every three years to reflect what similar properties are fetching in the current market. Here’s the timeline to bookmark:
- Valuation Date: 1 April 2024 (that’s the snapshot used for setting rateable values).
- Revaluation Takes Effect: 1 April 2026.
- Deadline to Challenge: If something’s off in your valuation, you’ve got until 31 March 2026 to flag it up with the VOA.
Why Sign Up for a Valuation Account?
By registering for a business rates valuation account, you can:
- Check the details the VOA already holds about your property.
- Confirm how the valuation was calculated so there are no surprises.
- Let the VOA know if there’s anything inaccurate, but don’t wait, the cut-off is fast approaching.
As Alan Colston, the VOA’s Chief Valuer, puts it:
“We publish future valuations a few months before they come into effect – businesses can check that the facts we hold about their property are correct. They can also estimate their future bill and plan their future business rates liability.”
With a clearer view of your future liability, you can budget better and avoid nasty surprises come April 2026.
Final Thoughts
If you haven’t already, set up your business rates valuation account today and “claim” your property. Take a quick peek now, and you’ll thank yourself later when your future rates bills are clearer, and you’ve got that deadline firmly marked in the diary.