2023 Business Rates revaluation
A revaluation makes sure rateable values reflect changes in the property market. The 2023 revaluation will reflect the changes in value that have occurred since the last revaluation six years ago, including the impact of the COVID-19 pandemic.
The Valuation Office Agency (VOA) has updated the rateable values of all business, and other non-domestic, property in England.
These rateable values will take effect from 1 April 2023.
How will this affect you
The VOA will have contacted you regarding any changes to your rateable value. A reduction means you will likely pay less than the previous year, but a rise does not necessarily mean your business rates bill will increase by a similar amount.
At the Autumn Statement 2022 the Chancellor announced new relief schemes that will help to reduce the impact of the Revaluation.
Transitional Relief
The 2023 Transitional relief scheme limits the percentage amount in which an annual liability can increase, before any other reliefs are applied.
This means changes to your bill are phased in gradually. You stop getting transitional relief when your bill reaches the full amount set by a revaluation.
| Rateable value |
2023/24 |
2024/25 |
2025/26 |
|---|---|---|---|
| Small: Up to £28,000 | 5% | 10%* | 25%* |
| Medium: £28,001 to £100,000 | 15% | 25%* | 40%* |
| Large: Over £100,000 | 30% | 40%* | 55%* |
* Plus inflation
Our systems will identify eligible ratepayers and automatically award relief.
Supporting Small Business Relief
As a result of Revaluation, some businesses will lose part or all of their small business relief entitlement. Supporting Small Business Relief (SSB) will restrict the increase to a cash value of £600 after all other mandatory reliefs have been applied.
Our systems will identify eligible ratepayers and automatically award relief.
Retail, Hospitality and Leisure Relief
The 2024/25 Retail, Hospitality and Leisure Business Rates Relief scheme will provide eligible, occupied, retail, hospitality and leisure properties with a 75% relief, up to a cash cap limit of £110,000 per business.
If you are already receiving this discount then you do not need to re-apply for 2024/25, we will automatically carry forward your entitlement.