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On 1st October, the Valuation Office Agency launched its online tool for estimating business rates. Not checking your valuation could be a costly mistake.
Checking your premises’ valuation makes business sense
Every five years The Valuation Office Agency (VOA) is tasked with valuing business and residential properties all over the UK. Local authorities then use this information to calculate your council tax and business rates. The good news is that this year the process has become a lot more transparent, and means you have more control over making sure you’re not overcharged.
The 1st October saw the launch of the VOA’s new website which lets business owners check the valuation of their premises. By taking the time to scrutinise this you could spot any errors that may end up costing you money when your rates are worked out. This is increasingly vital at a time when cash flow for most businesses, is tight.
The VOA is sending all businesses their valuations by post which may be marked ‘to the occupier’ – these are key to you getting a fair deal. So look out for this document and if you think you’ve missed it you can go online to find out where you stand.
It should be remembered that these figures aren’t an exact prediction of your final bill because all local authorities use different methods to calculate your rates. Rather, they are a guide that will help you figure out if your business is being charged fairly, or if you feel the valuation is way off the mark.
Roger Culcheth of the Federation of Small Business (FSB) said: "The VOA is giving ratepayers as much information as possible, well in advance. We all have to pay business rates and it is important for everyone to understand what this bill is based on and how the final figure is arrived at. That’s easy if you have the valuation details sent to you and the opportunity to check them now, before the rates are calculated."
You can find the new calculator at www.voa.gov.uk/2010. For other advice about improving your cash flow, call Cashflow UK on 0800 132 156.
