PROPERTY MANAGEMENT BUSINESS RATES

From 1 April 2023 the new rateable values take effect for non-domestic rates across England in Wales. These new rateable values are based on the open market rental value as at 1 April 2021 and will alter the previous valuation from 2015. Given the length of time since the last valuation, it is anticipated that there could be significant increase in business rates payable.

The amount of rates paid is impacted by the multiplier, set annually by central government. Despite the revaluation, the multiplier has remained unchanged since 2020. It will remain at 51.2p for the standard multiplier and 49.9p for small business multiplier going into the 2023-2024 tax year. With this increase in costs, on top of the loss of energy bills support from April 2023, businesses will feel even more squeezed.

It is therefore important to understand the available reliefs and exemptions. Whilst some of these reliefs and exemptions will be applied automatically, it is not always the case, so we recommend reviewing the bill when you receive it.