The Valuation Office Agency (VOA) has announced plans to enhance transparency in business rates valuations, aiming to assist small business owners in understanding their property assessments.
Key Updates:
By 2026: will have access to more tailored information about their properties, enabling a clearer understanding of how valuations are determined.
By 2029: More specific valuation details and evidence will be available, offering deeper insights into the factors influencing property assessments.
These changes follow a 2023 consultation where the VOA sought input from ratepayers, including small business owners, to determine the desired level of information disclosure. The goal is to balance the need for transparency with concerns about data confidentiality and the preference for simplified information.
Additionally, a new requirement for ratepayers to provide property information to the VOA will be introduced in phases:
Post-April 2026: The information duty will be tested with a small group of customers to ensure the system’s effectiveness.
By April 2029: The duty will become mandatory for all ratepayers, requiring them to inform the VOA within 60 days of any changes to their property, such as alterations in occupancy, lease, rent, or physical modifications.
A small number of ratepayers will need to provide trade information annually if it is relevant to valuing their property. Additionally, ratepayers will be required to confirm each year that they have reported any changes to their property to the VOA.
These reforms aim to facilitate more frequent property revaluations, ensuring that business rates more accurately reflect current market conditions, thereby creating a fairer system for small businesses.
Currently, no immediate action is required from business owners. The VOA will provide further information and guidance as these changes approach.
https://www.gov.uk/government/news/sharing-more-information-on-business-rates-valuations
