In preparation for the 2017 Revaluation, the Valuation Office Agency (VOA) is sending out forms to ratepayers from January asking for information about their property and business. This is to help the VOA update the rateable values of all business properties which are used by councils to calculate the business rates they pay.
If you receive one of these forms, you should complete and return it quickly and accurately as failure to do so could mean you pay the wrong amount in business rates. It could also mean a fine of £100 if not returned to VOA within 56 days.
The next revaluation will come into effect on 1 April 2017 and will assess all business properties in England and Wales, based on the rental value as at 1 April 2015.
This revaluation will not apply to business property in Scotland or Northern Ireland.