Rateable values and revaluations


Business Rate Revaluation April 2023: Update 22nd February 2023

The Valuation Office Agency (VOA) regularly updates the rateable value of all businesses and other commercial properties (i.e. properties that are not domestic / private homes) in England and Wales. The last time this was done, was 1 April 2017.  The VOA are not part of the Council, but part of Her Majesty’s Revenues and Customers (HMRC).

Rateable values are based on the rent that a property might reasonably have been expected to realise based upon an annual tenancy on a defined  valuation date and subject to certain prescribed assumptions. For the 2023 valuation, the valuation date (referred to as the antecedent date) is 1 April 2021. The effective date of the new rateable values is 1 April 2023.

Revaluations are carried out to reflect changes in the rental value of properties which means that business rate bills are based on more up-to-date information.

Rateable values are used to calculate your Business Rate bill.

How COVID-19 affected future rateable values

The VOA bases most rateable values on an estimate of what it would cost to rent a property for a year starting on a certain date. For the 2023 valuation that date was 1 April 2021. This was during the pandemic and the rental information the VOA used, reflected this.

Harrow Council uses rateable values to calculate business rate bills. We also use a multiplier which, is set by Central Government and which is to remain unchanged for 2023/24.  The calculation of Business Rates liability will be: -Rateable value x multiplier.

Finding your rateable value

You will now be able to see the future rateable value for your property and get an estimate of what your 2023/24 business rates bill may be. You can do this through the VOA’s Find a Business Rates Valuation Service.

This estimate will not take into account any reductions, reliefs or transitional schemes that may be determined by Central Government or the Council.

Your property details need changing or you think your rateable value is too high

To tell the VOA about changes to your property e.g. floor area, size or parking or, if you think your rateable value is too high, you need a business rates valuation account.  You can create this via the link below.

Sign in or register for a business rates valuation account

You will not be able to challenge your rateable value until 1st April 2023, but you can tell the VOA about changes before that time so they can check how this affects the current and future valuations.

You must continue to pay your Business Rates as shown on the bill sent to you until a new bill has been issued, as your challenge may not be successful or may not change the rateable value.

What happens if my bill goes up because of the revaluation?

In previous revaluations, Central Government have announced a transitional scheme which limits the amount of increases or decreases in the business rates payable, between the last year of the existing rating list and the first year of the new one.  In the Autumn Statement on 17th November, Central Government announced that there would be a further Transitional Relief scheme for 1st April 2023. If you are entitled this will be shown on your business rate bill. Find out more about Transitional Relief.

Will I still get Small Business Rate Relief (SBR)?

On 17th November 2022 Central Government announced that SBRR will continue for the new rating list see Small Business Relief.

Check your bill before making an application as in most instances this has been included in your annual 2023/24 business rate bill.

I am getting Retail, Hospitality and Leisure relief (RHL) now. Will this carry on in 2023?

In the Autumn Statement on 17th November, Central Government announced that there would be a further RHL scheme for 1st April 2023. This is being increased from 50% to 75% of the business rates payable.

Where known this will have been included in your annual business rate bill. For details see Retail, Hospitality and Leisure Relief.

What if I struggle to pay the new amount?

Check to see if you can apply for any reliefs or reductions.

You can also see Manage my Business Rates Payments to request payment over 12 months rather than 10 to reduce your monthly outgoings. You must however do this by the middle of February, for this to be in place for 1 April 2023.

How do I find out more information?

We will continue to keep this webpage up to date, as information is made available. You can also check the VOA website

For anyone already registered with the VOA with a business rates valuation account you may also receive an email direct from the VOA with an update as above. These emails are due to be issued between 18th November 2022 and 9th December 2022.