Revaluation is a review of the rateable values of all businesses and other non-domestic properties in England and Wales carried out by the Valuation Office Agency (VOA). The next revaluation will come into effect on 1 April 2023.
Rateable values are the amount of rent a property could have been let for on a set valuation date. For the 2023 valuation, the date was 1 April 2021. We use rateable values to calculate business rates bills.
Revaluations are carried out to reflect changes to the property market, which means that business rates bills are based on more up-to-date information.
Find your rateable value
You can use the VOA’s find a business rates valuation service to see the future rateable value for your property and get an estimate of what your 2023/24 business rates bill may be.
Queries about your rateable value
Contact the VOA if you have any queries about your rateable value.
Change your property details
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 or future valuations.
Challenge your property's rateable value
If you think your rateable value is too high, you can contact the VOA from 1 April 2023 using a business rates valuation account. You must continue to pay your business rates as normal until a decision has been made.
Use the link above to sign in or register for a business rates valuation account ready for 1 April 2023.
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, the date was 1 April 2021. This was during the pandemic and the rent information the VOA used reflected this.
The government announced a number of steps to help ratepayers when the revaluation comes into effect on 1 April 2023. We will put further information about how this affects businesses on our website, once further details are received.
Government Autumn Statement 2022
The government announced a number of steps to help business rate payers when the revaluation comes into effect on 1 April 2023. We will put further information about how this affects businesses on our website, once further details are received.
The main steps to provide assistance to businesses are:
- to support high street properties the government is extending and increasing the Retail, Hospitality and Leisure relief scheme from 50% to 75% for 2023-24, up to £110,000 per business
- freezing the business rates multiplier will keep the small business multiplier and standard multiplier at 49.9p and 51.2p respectively, rather than rising to 52.9p and 54.2p
- reforming Transitional Relief. For businesses seeing lower bills as a result of the revaluation, the government will make sure they benefit from that decrease in full straight away, by abolishing downwards transitional reliefs caps. The government also announced a £1.6 billion scheme to cap bill increases for businesses who will see higher bills as a result of the revaluation
- protection for small businesses who lose eligibility for Small Business Rate Relief due to new property valuations, through a more generous Supporting Small Business scheme worth over £500 million
Visit the GOV.UK website for full details about the Autumn Statement.