Businesses in England and Wales are being urged to review their new rateable values, which have been published by the Valuation Office Agency (VOA). These updated valuations will form the basis for business rates payable from April 1, 2026, covering the period up to March 31, 2029. The VOA has opened its online portal for property owners to view their new valuations and to flag any potential errors or discrepancies.
The revaluation process is a regular exercise designed to ensure that business rates accurately reflect changes in the property market. Rateable values are an estimate of a property's annual rental value on a specific date, and they are used by local authorities to calculate the amount of business rates due. This latest revaluation uses rental values from April 1, 2023, as its valuation date, aiming to provide a more up-to-date reflection of market conditions compared to the previous list.
For many businesses, these new valuations could have a significant impact on their operating costs. A higher rateable value generally leads to higher business rates, while a lower value could result in savings. It is therefore crucial for businesses to carefully examine their new valuation and compare it against their understanding of their property's rental value and characteristics. The VOA's online service allows property owners to check the details used to calculate their valuation and to submit a 'Check, Challenge, Appeal' if they believe it is incorrect.
The revaluation process aims to create a fairer system by redistributing the overall burden of business rates to better reflect current economic realities and property values across different sectors and regions. While some businesses may see their rates increase, others may experience a reduction. The government often introduces transitional relief schemes alongside revaluations to help businesses manage significant changes in their rates bill, though details for the 2026-2029 period are yet to be fully confirmed.
Businesses that fail to check their valuations and challenge any inaccuracies may find themselves paying incorrect business rates for the entire three-year period. The VOA emphasises that the onus is on property owners to engage with the process and ensure their details are correct. Further guidance and support are available through the VOA website for those needing assistance understanding their valuation or initiating a challenge.
Source: Valuation Office Agency