Revaluation

Every five years the Valuation Office Agency (VOA) gives all non-domestic (business) properties new rateable values so local authorities can work out the business rates.

The purpose of the revaluation is not to change the amount of money collected in rates nationally, but to make sure that individual rateable values reflect the changes that have taken place in the property since the last revaluation.

The (VOA) will produce a draft list of the new rateable values on 1st October 2004.  You will be able to check your own rateable value and get further advice on all aspects of your business rates on the My Business Rates website.

After 1st October 2004 most businesses will also receive a summary valuation which will explain how the VOA has worked out their new rateable value.  In most cases these will also be available on the VOA's website.

From April 2005 all business rates bills will be based on these new rateable values.

Transitional Relief

Transitional relief from business rates will be available following the revaluation in 2005.  Transitional relief works by slowly phasing in increases and reductions in rates bills following a revaluation.  The transitional relief scheme for the 2005 revaluation is likely to be different from the current scheme.

Small Business Rate Relief

This is a new relief available from 1 April 2005.

Eligible businesses with rateable values of below £5,000 will get 50% rate relief on their liability. This relief will decrease on a sliding scale of 1% for every £100 of rateable value over £5,000, up to £9,999.

The relief is available to ratepayers with either:

• one property, or
• one main property and other additional properties, providing the additional properties do not have individual rateable values of more than £2,200, and the combined rateable value of all the properties is under £15,000.

In addition to this relief on liability, eligible businesses with rateable values of between £10,000 and £14,999 will have their liability calculated using the small business multiplier.

The Small Business Rate Relief scheme will be funded by a supplement on the rate bill of those businesses not eligible for the relief. This supplement is built into the standard multiplier.

You must apply for the relief each year and be eligible on 1 April of each year. If your business ceases to be eligible on a day during the year in question, the relief will cease on that day. You must submit your application for the relief to Torbay Council within six months of the end of the financial year to which it relates.

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