2017 Rating Assessments
Discussion
Are now out. Mostly.
https://www.gov.uk/correct-your-business-rates
BT are bleating as they've been hit hard with a 450% increase in assessment....
Our RV is not changing.... can live with that...
https://www.gov.uk/correct-your-business-rates
BT are bleating as they've been hit hard with a 450% increase in assessment....
Our RV is not changing.... can live with that...
Consultation document is out... https://www.gov.uk/government/uploads/system/uploa...
There are some hefty increases around especially in London.
It's worth remembering the formal appeal process cannot be commenced until April and is totally changing (well unless there is a major change of heart). It will be a 3 stage process, where you "check" the assessment ensure facts etc are correct, then "challenge" it so giving your comparables etc to the VO and then if not satisfied "appeal" it and pay a fee for the pleasure.
There is also a proposal that if the valuation is within valuation tolerance then even if it is technically incorrect it will not be changed. Consultation on that is currently happening if anyone wants to complain!
No doubt publication of the draft Rating List will encourage the less reputable agents to ramp up their marketing efforts. So be wary of cold calls etc, read any terms and conditions extremely carefully and feel free to ask for advice on here.
It's worth remembering the formal appeal process cannot be commenced until April and is totally changing (well unless there is a major change of heart). It will be a 3 stage process, where you "check" the assessment ensure facts etc are correct, then "challenge" it so giving your comparables etc to the VO and then if not satisfied "appeal" it and pay a fee for the pleasure.
There is also a proposal that if the valuation is within valuation tolerance then even if it is technically incorrect it will not be changed. Consultation on that is currently happening if anyone wants to complain!
No doubt publication of the draft Rating List will encourage the less reputable agents to ramp up their marketing efforts. So be wary of cold calls etc, read any terms and conditions extremely carefully and feel free to ask for advice on here.
PurpleMoonlight said:
Mines come down slightly.
Rates payable now back to the same as the rent!
The principle should be that Rates Payable should be about half your rental cost, given Rateable Value is = Rental Value in April 2015, then you apply the Multiplier at ~50p in the £.Rates payable now back to the same as the rent!
Worth looking at the valuation used?
loafer123 said:
PurpleMoonlight said:
Mines come down slightly.
Rates payable now back to the same as the rent!
The principle should be that Rates Payable should be about half your rental cost, given Rateable Value is = Rental Value in April 2015, then you apply the Multiplier at ~50p in the £.Rates payable now back to the same as the rent!
Worth looking at the valuation used?
The theory is that the 'grab' should be broadly linked to the previous years + inflation. The multiplier is reset, and then the increase should be linked to inflation for the next 5 years or whatever period they decide to tinker with....
If overall RV has increased, multiplier should fall....
surveyor said:
The multiplier will not be related to the current one.
The theory is that the 'grab' should be broadly linked to the previous years + inflation. The multiplier is reset, and then the increase should be linked to inflation for the next 5 years or whatever period they decide to tinker with....
If overall RV has increased, multiplier should fall....
Proposed multiplier 46.7p/£.The theory is that the 'grab' should be broadly linked to the previous years + inflation. The multiplier is reset, and then the increase should be linked to inflation for the next 5 years or whatever period they decide to tinker with....
If overall RV has increased, multiplier should fall....
In my area (North/ West Yorks), from the assessments I've had chance to look at I would say 60% of assessments have stayed the same, 30% dropped and 10% increased.
soxboy said:
Proposed multiplier 46.7p/£.
In my area (North/ West Yorks), from the assessments I've had chance to look at I would say 60% of assessments have stayed the same, 30% dropped and 10% increased.
I didn't think the 2017/18 multiplier had been released yet?In my area (North/ West Yorks), from the assessments I've had chance to look at I would say 60% of assessments have stayed the same, 30% dropped and 10% increased.
The VOA website uses an estimate for next year of 48p, and the industry estimates are up to ~53p (JLL).
There is a proposed multiplier of 46.7 but that is for small properties. Not sure if the definition of small properties has yet been announced for the 2017 revaluation. If memory serves me right for the 2010 one its £25,000 in London and £18,000 elsewhere but dont quote me as I need to check it.
The multiplier for large properties is likely to be in the region of 49p and for those properties in London subject to the Crossrail addition over 50p.
The 2017 rateable values are based on rental values as at April 2015, and therefore should be more in line with current rents.
The multiplier for large properties is likely to be in the region of 49p and for those properties in London subject to the Crossrail addition over 50p.
The 2017 rateable values are based on rental values as at April 2015, and therefore should be more in line with current rents.
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