How will business rates change from April? 

From April, there will be notable changes to business rates. 

The Valuation Office Agency (VOA) has updated the rateable values of all business, and other non-domestic, properties in England and Wales. They will take effect from 1 April 2023. 

Business rates are a tax on property used for business purposes, whether it be working from a commercial property. 

The Government levies the charge on offices, shops, pubs, and warehouses. In fact, most non-domestic properties will attract business rates. They may also be charged where only part of a building is used for non-domestic purposes. 

How are they calculated? 

You will receive a business rates bill from your local council in February or March each year for the upcoming 12 months. 

They will be based on the property’s ‘rateable value’, the estimated value on the open market. 

The rateable value for your property is not what you pay in business rates or rent. Your council uses the rateable value to calculate your business rates bill. The Government has also announced a package of rates relief for businesses as part of the Autumn Statement 2022. 

It says it has also pledged to reform the business rates system by delivering more frequent business rate revaluations. 

Changes to business rates in 2023: 

If you need advice on business rates and how these could affect the expenditure of your business, contact us today.  

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