Business Rate Revaluation – the local impact
Rates were last revalued in 2010 and the government delayed the latest round due to economic uncertainty. However on 30 September the Valuation Office Agency (VOA) published the new rateable values of every non-domestic property in England, and Waterloo businesses can check their new values here. The BID found:
• In some cases, increases in rateable values reach several hundred per cent
• The average increase in rateable values was 54 per cent
• All except 17 business in Waterloo will see their business rates bill rise in April next year
Case studies from the Vaults and the Tool Shop show that the revaluation could mean redundancies and other negative impacts and the BID is keen to hear from other businesses who may be affected by a rise in their rateable values. Alongside other business groups in London, the BID is using this information to campaign on its members behalf for a fairer deal.
A business rates breakfast briefing will take place on 26 January at 08:30am-10:00am at Build Studios, 203 Westminster Bridge Road, London, SE1 4NF. At this important event, Business Rates specialist Jerry Schurder from Gerald Eve will be discussing how properties are valued and what businesses can do to appeal their valuation.
The report can be downloaded below.