2023 Business Rates Revaluation

If you own or occupy commercial property you will most likely be aware that the new 2023 rating list came into effect on 01 April 2023. Your annual business rates liability will now be based on the new business rates valuations which have a valuation date of 01 April 2021 and should reflect the hypothetical rent a tenant would pay for the property at this date.

A revaluation should allow for rateable values to be updated to reflect changes in the property market. The 2023 revaluation will reflect changes that have occurred since the last revaluation six years ago and critically should include the impact of the COVID-19 Pandemic on the market. As with all revaluations there are winners and losers.

What can be done to reduce your business rates liability?

Empty Rates Mitigation

Over the past 15 years SW have advised hundreds of businesses in respect of their empty properties and helped to mitigate or even eradicate the payment of empty rates altogether. All advice provided and the strategies implemented are legitimate and conform with legislation and or the principles established in rating case law. If you have empty property which is attracting an empty rates liability, get in touch with one of our Team for advice as to what can be done to reduce this until a time where the property is occupied once more.

2023 Rateable Value Review/Challenge

Even if you have received a reduction in your rates liability as a result of the 2023 rating list being implemented, this reduction may not be enough and it would be prudent for a review to be undertaken. Our team will review your current business rates valuation and advise whether challenging the valuation would be worthwhile. If a Challenge is justified we will negotiate with the VOA on you behalf to ensure that your 2023 business rates valuation is correct.

Rates Management

There is at present no standard billing format for Local Authorities meaning that it is important to have bills reviews to ensure they are correct and can be paid in a timely fashion. SW can arrange to receive business rates bills directly from the Local Authority, ratify, and authorise these before reporting back to our clients. If required, we can arrange to be put in funds to make the payment of rates accounts on our clients’ behalf.

For any queries or further information regarding your 2023 Business Rates Valuation, please contact one of SW’s experienced business rates team.