How will business rates revaluation affect you in 2023?
Local councils charge business rates on properties used for non-domestic purposes, from shops and restaurants to offices and factories. This tax is based on the ‘rateable values’ of the different property types, which were last valued in 2017.
The Valuation Office Agency (VOA) has therefore been revaluing business rates in England and Wales, with the updates coming into effect from 1st April 2023.
The new valuations will reflect the changes in the property market since the previous revaluation, meaning some businesses are likely to see their business rates increase – though others may see no change, or even a reduction.
Fortunately, to ease the burden of new business rates in 2023, the government also announced a package of support measures in the Autumn Statement 2022.
Here’s what you need to know about business rates revaluation and relief.