Businesses based in England and Wales will be preparing to see huge changes to their business rates this week, as the Government will be publishing the new rateable values this Friday.

The high increase of property value in London and the surrounding areas over the years, has resulted in the increase in business rates. A cap is to be introduced which will put a restrict the amount bills can rise or fall in the years to come. Although some businesses won't see it as much of a change it is being hailed as "the largest change to business rates in a generation" by John Webber of Colliers International

UK business pay a tax dependant on the facilities that the use for their business , whether it be a shop or factory etc, the rates are considered the third biggest payout made by small businesses. depending on the value of the property occupied by the business depends on the rates that business has to pay. Every 5 years property value is assessed with then presents the rateable value of that property. This value also represents the yearly rent of the property and the value of the property two years prior. The multiplier is a sum which is set by the government and is combined with the rateable value which results in the final bill for the business.

The 2017 revaluation is to be announced this week and will be drawn from rateable values from 2015 and won't actually be used until 2017

Want to see more blog posts on the revaluation?

Keep an eye on our social media pages this week, for our blog posts published up until the Friday

Author: Lauren Angell, Event Manager, CPT Events

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