The Valuation Office Agency has released its new calculation tool that will allow businesses to work out their business rates. According to the VOA, anyone in England and Wales who pays business rates can go online to check their new draft rateable value. From this they can get an estimate of what their business rates will be from April 2017.
For its part, the FSB has called for sensible application of tax reliefs. Mike Cherry, national chairman, said: “FSB has fought long and hard for fundamental reform of the business rates system, an unfair tax which takes no account of how businesses are actually performing. This review has been delayed by two years and means small businesses have been paying rates based on 2008 valuations which are now out of date.
‘More frequent valuations are necessary’
“Many businesses across the country will be getting some relief from years of over-payment or see their rates remain steady. In other areas, there will be a big jump between the old valuation and the new one. To avoid such big discrepancies in payments, we believe more frequent valuations are necessary”.
Cherry urged the government to fully commit to the changes to Small Business Rate Relief announced in the March 2016 Budget. “Small firms with a rateable value of less than £12,000 will pay no business rates at all, with further assistance provided to those with a rateable value of under £51,000. This means that today’s revaluations could have big consequences, especially for those firms on the margins of these cut-off points.”
The calculator can be found here