Business owners urged to check rates valuations

Businesses across the Rochdale borough are being urged to carefully check information sent to them about the valuation of their premises.

Every five years the Valuation Office Agency (VOA) reassesses the rateable values of all businesses in England and Wales and updates the Rating List. The next revaluation comes into effect from 1 April 2010.

Information has recently been sent out to all firms by the Valuation Office Agency (VOA), who have also set up a special website at www.voa.gov.uk/2010 for more help and information to assist in checking that the valuation is fair and accurate.

Details of the new ‘poundage’ (or multiplier) – the other figure used together with the rateable value to calculate the cost of business rates – have not yet been confirmed, but the Government has provisionally announced a reduction in the standard multiplier from 48.5p to 41.4p meaning a jump in the new rateable value does not necessarily mean a rise in the amount firms in business rates. In some cases the rate bill will be reduced. Where a rate bill rises there will be an annual ‘phasing in’ limit imposed on the increase by the transitional relief scheme.

The VOA’s revaluation project manager, Steve Bliss, said: “It’s very simple. Ratepayers should check the details of the new valuation immediately and get in touch if there are any errors. If it’s wrong we want to put it right. Businesses should look out for our clearly marked envelopes – they may be addressed to ‘the occupier’ but they’re important.”

Councillor Greg Couzens, cabinet member for finance on Rochdale Council and a business owner himself, said: “The VOA is giving ratepayers as much information as possible, well in advance. We all have to pay business rates and it is important for everyone to understand what this bill is based on and how the final figure is arrived at. There’s plenty of opportunity - before the new rates take effect - to check the valuation and get in touch with the VOA if anything doesn't look right. The VOA is very happy to talk with individual ratepayers or with local trade associations or similar - just get in touch."

The VOA is encouraging businesses to make contact now before bills are issued next year - formal appeals can only be lodged with the VOA from 1 April 2010 and must be submitted by individual businesses.