Business Rates: What is revaluation?

The Valuation Office Agency (VOA) regularly updates the rateable values of all business and other non-domestic properties (properties that are not just private homes) in England and Wales. This is called a revaluation.

Rateable values are the amount of rent a property could have been let for on a set valuation date. For the 2023 valuation, that date was 1 April 2021.

We use these rateable values to calculate business rates bills.

Revaluations are carried out to reflect changes in the property market, which means that business rates bills are based on more up-to-date information.

The next revaluation will come into effect on 1 April 2023.

From 1 April 2023, customers will only be able to make a Check against the 2023 rating list.

As the 2017 rating list will be closed there are only limited circumstances in which further amendments may be made to it. These are:

Following outstanding Checks submitted prior to 1 April 2023 and any subsequent challenges and appeals
The VOA can alter the 2017 list up to 31 March 2024.This allows us to clear existing cases/reports and enables you to submit reports that have a retrospective element regarding the 2017 list. If we make any alterations to the 2017 list, we will advise the customer that they have the right to make a Check within 6 months of the date of our alteration.
A customer has the right to challenge the 2017 list on the grounds of a tribunal or court decision, provided a Check has been made by 30 September 2023.
After 31 March 2024 the 2017 list may only be altered because of a challenge or appeal.

Contacting the Valuation Office Agency

We are responsible for anything to do with your business rates bill. The VOA is responsible for the valuation of your property. You will therefore need to contact the VOA for all queries about your rateable value.

Finding your rateable value

You are now able to see the future rateable value for your property and get an estimate of what your 2023/24 business rates bill may be. You can do this through the VOA's Find a Business Rates Valuation Service on GOV.UK.

Your property details need changing

To tell the VOA about changes to your property details (such as floor area sizes and parking) you need a business rates valuation account. The VOA may accept your changes and update the current and future valuations.

You think your rateable value is too high

From 1 April 2023, you will need to use a business rates valuation account to tell the VOA you think your rateable value is too high. You must continue to pay your business rates as normal until a decision has been made.

How Coronavirus (COVID-19) affected future rateable values

The VOA bases most rateable values on an estimate of what it would cost to rent a property for a year, starting on a certain date.

For the 2023 valuation, that date was 1 April 2021. This was during the pandemic and the rent information the VOA used reflected this.

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