Rateable value (2024)

FAQs

What is the rateable value figure? ›

Rateable values of business properties are set by the Valuation Office Agency (part of HMRC) and used by local councils to calculate business rates bills. The VOA is responsible for calculating the rateable value of your property. Local councils use the rateable value to calculate your business rates bill.

How do I find out my rateable value? The Assessors will write to notify you of the new rateable value or you can use the search facility at www.saa.gov.uk which provides details of rateable values for non domestic properties in Scotland.

Your annual business rate bill is calculated and collected by Land & Property Services. Non-domestic property in Northern Ireland is assessed on the basis of its rental value known as the Net Annual Value (NAV). The NAV of your business property will determine how much you will have to pay in rates.

Rateable value is an estimated annual rental value of a property at a designated valuation reference date, assuming that the property was then vacant and to let from year to year, on the basis that the tenant undertakes to pay all usual tenant's rates and taxes, whilst the landlord undertakes to pay the Government rent ...

With an increase in interest rates, businesses with company credit cards and existing loans can have higher interest payments, less disposable income and bigger overheads.

A new policy was approved on 25 January 2024 and from 1 April 2024: we can grant 50% relief of rates for a maximum of three months to business properties which are empty. when properties remain empty longer than three months, 10% relief will be awarded for 9 months.

Rates are not payable for three months from either the date a non-domestic property becomes empty or the date Land & Property Services (LPS) has determined as a completion day. This is applied automatically. After the three month free period, rates will be billed at 50% of the normal occupied amount.

The rateable value of your property is shown on the front of your rates bill. This broadly represents the yearly rent the property could have been let for on the open market on 1 April 2008. The valuation officer may alter the rateable value if the circ*mstances of the property change.

What is rateable value Torbay? ›

The rateable value is set by the Valuation Office and is an based on the annual rental value, size of the premises and, depending on the nature of the business, either the location or income: From 1 April 2023, rateable values will be based on the valuation date of 1 April 2021.

The Poundage Rate will be frozen for 2024-25 at 49.8 pence. An Intermediate Property Rate and Higher Property Rate are as follows: Intermediate Property Rate is set at 4.7 pence above the Poundage Rate (54.5 pence) for properties with a Rateable Value between £51,001 and £99,999k from 2024-25.

The council keeps about half of the business rates collected and the rest goes to central government for reallocation to local authorities through various grants.

Non-Domestic Rates, or business rates, collected by local authorities are the way that those who occupy non-domestic property contribute towards the cost of local services.

People on low incomes, including pensioners, may receive a reduction in their rates through the Rate Relief Scheme, which is only available in Northern Ireland. Rate Relief may be payable to you if you receive either no help or partial help with rates through the Housing Benefit scheme.

How much relief will be available? The total amount of government funded relief available for each property under this scheme for 2024-25 is 40% of the relevant bill. This is subject to a cap of £110,000 per business across all their properties in Wales.

Small Business Rates Relief in Wales

The Welsh Government provides non-domestic rates relief to eligible small businesses. those with a rateable value of up to £6,000 will receive 100% relief; those with a rateable value between £6,001 and £12,000 will receive relief on a tapered basis from 100% to zero; and.