As we know, in April 2017 we had a business rate revaluation. It usually happens every five years and it means that VOA (the Valuation Office Agency ) adapts the rateable value of business properties to reflect changes in the property market.
According to the information published in March this year the multiplier was increased on 1st April.
At the moment we have two kinds of multiplier. One is related to properties valued between £12001 and £51000 and the other one is for those properties with a rateable value more than £51000.
The business rate multiplier will increase again this year. Multipliers for 2018/19 will be 49.3p for standard rate and 48p for small businesses.
The next revaluation will be in 2021 and from then on it will take place every 3 years instead of every 5 years. This of course will not make things any easier for businesses, but this is nothing new. Businesses will have to do their own rating assessment or simply pay someone to do it. And of course, if business owners get it wrong, the penalty will be adequate.
You are not on your own dealing with council tax and business rates. If you are struggling in any ways contact me now.
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