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Wednesday, November 2, 2016

Business owners advised to check rateable values

Denbighshire County Council is urging business owners to check the new rateable value of their businesses.

Traders have been contacted about the new draft rateable value on which their business rates will be based and are being advised to contact the Valuation Office Agency (VOA) by its deadline of November 30 if they have any concerns.

It has been seven years since all non-domestic properties in England and Wales were revalued and the 2017 revaluation will be based upon rental levels on April 1, 2015.

The revaluation, which will come into effect on April 1 next year, will form the basis of business rate liability for the next five years.

The draft rating list, which was issued on September 30, is part of the normal process to get feedback from businesses.

Although Denbighshire County Council collects business rates, the council does not set the rates.
The rateable value is assessed by the VOA , through HM Revenue and Customs.

Rebecca Maxwell, corporate director at Denbighshire County Council, said: “Businesses will have already received a letter about their new draft rateable value and it is important they read this information.

“We are urging all businesses in Denbighshire to check their new draft rateable value online. This revaluation will have an impact on businesses for the next five years, so it is vitally important they are paying the correct rates.

“If you think your new rateable value is incorrect, contact the Valuation Office Agency as soon as possible.

“Once the new rateable values come into effect on April 1, 2017, businesses will be able to make an appeal, but we would first urge businesses to contact the VOA before November 30 with any concerns.”

Leader of Denbighshire, councillor Hugh Evans, said: “Concerns have been raised with us by a number of businesses over gaps in information around how the process of rate revaluation has been undertaken in Denbighshire.

“I am seeking clarification on the extent to which calculations are based on individual business circumstances and how these are evaluated without direct engagement with all businesses in the county.

“As a proactive, business friendly council we are committed to making sure there is a level playing field for all our businesses.

“We understand periodic revaluations are necessary but we are looking for reassurance about how the process has been carried out and that there isn’t a disproportionate impact on Denbighshire businesses.

“A clear understanding of the process of arriving at final rateable values would help us do this.”

The Welsh Government is consulting on proposals for a Transitional Relief Scheme aimed at helping businesses currently receiving Small Business Rate Relief (SBRR) and whose rateable value has increased.

The aim is to assist ratepayers no longer entitled to the same amount of SBRR as a result of the revaluation by gradually phasing in any increases in over a three-year period.

For more information on the revaluation or to check your draft rateable value online visit http://www.denbighshire.gov.uk/en/business/business-rates/business-rates.aspx

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