Isle of Wight businesses are being urged to check the new rateable value of their properties.
This follows a national revaluation carried out by HMRC Valuation Office, which has updated the rateable values of all business properties in England.
A property’s rateable value is the Valuation Office’s estimate of its annual rental value and councils across the country use it to calculate Business Rates bills. Because values have been updated, some businesses will see their bills go up, some will see them go down, and some will stay about the same.
Any business that believes its new rateable value is incorrect can review the details and request a reassessment directly from the Valuation Office.
This process is free, and there is no need to pay an agent to do this for you.
Local councils, including the Isle of Wight Council, cannot change rateable values themselves; only the Valuation Office has the authority to do so. Businesses can check or challenge their rateable value at: www.gov.uk.
Bills show your updated rateable value, the multiplier used to calculate your bill and any reliefs you receive.
If you think you may be entitled to a relief that is not shown on your bill, contact the Isle of Wight Council’s Business Rates team or visit our website.
If a holiday let is assessed for business rates and its valuation changes, the ratepayer will usually only see an impact on their bill if they do not receive Small Business Rate Relief.
For more information on different reliefs which may be available to rate payers, visit https://www.iow.gov.uk/article/2032/Types-of-business-rates-relief.
Claire Shand, director of corporate services at the Isle of Wight Council, said:
“A revaluation does not raise extra money overall, it simply shares the total amount differently based on how the property values have changed and helps keep the system fair.
“We urge businesses on the Island to check their bills, and to challenge their rateable value if they do not believe it is correct.”
About time Council tax was brought into the 21st century
still on 1991 valuations
I agree with you totally. I was the Isle of wight Valuation officer. It was understood that Council tax valuations were to be for 7 years & would be revalued hence.
I think since the pandemic so many Government
employees are working home home eg
Council staff and NHS staff, hence nothing getting done.
The Council are losing money, surely it is in their
interest.
You REALLY do seem to have a ‘downer’ on almost everything don’t you?
so what if Valuations are based on 1991?
local Authorities still jack them up by as much as they can virtually everything year and, IF everywhere was re-valued at ‘today’s’ rates then, enjoy paying ASTRONOMICAL levels of Council Tax. You can bet that as sure as eggs is eggs, they would move properties up into higher bandings and not change the valuations within bandings!
Better to be up to date now than receiving a huge bill
in the future from the council.