Believe it or not, the next important date in the business rates cycle is less than 6 months away!
When the 2015 Rating Revaluation was postponed to 2017 it was as daunting as it was unprecedented in the modern system. 5 yearly revaluation cycles have been the norm since 1990.
Fast forward to the present day and the Rating landscape has changed almost beyond recognition:
Government Gateway, Check, Challenge, Appeal (CCA), major legal decisions such as Monk, Mazars and most recently the Iceland case to name a few and finally the increasing realisation that we are moving ever closer to at least a partial self-assessment system!
One could be forgiven for not appreciating that the Antecedent Valuation Date (AVD) for the 2021 Rating Revaluation is 1st April 2019.
The AVD is the date at which rental evidence is taken to set values for Rating assessments. Consequently any new leases, lease renewals and rent reviews agreed over the 12 months from October 2018 to October 2019 will have a critical bearing on levels of Rating assessments for 2021.
The changes to the Rating system have made challenging the rateable value so much more onerous and we need to be fully prepared for next time more than ever before.
Roger Hannah & Co will actively be collating rental evidence through not only our Rating team but Agency and Landlord and Tenant departments too. This will ensure we are in as strong a position and as prepared as we can be as we move forward to the next revaluation.
The Valuation Office have made challenging assessments that much harder and we are keen that all agents work together in sharing information, collaborating in discussions and taking a united front to obtain the best results for our respective clients.