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Business Rates/Rating 2023 Revaluation

We're here to help you through the 2023 Revaluation


 

On 1 April 2023 the next revaluation of properties for business rates will take effect and will be based on the rental value of properties on 1 April 2021 in England and Wales, and 1 April 2022 in Scotland.

 

 

This will affect the amount you pay in business rates.

Making sure you’re paying the right business rates is more important than ever. Business rates is a massive cost to any business and the impact of paying too much can be far-reaching. Getting good advice from our experts leaves you free to get on and run your affairs.

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    £2 billion
    in total saved for our clients since 2010
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    £500 million
    of savings recovered by our Accurates team including £3m in one single review
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    £29 million
    refunded to clients since 2010 by our Accurates property usage reviews
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    70,000
    properties and circa £800m in client funds managed by our Rate Account Management team p/a
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    specialists including Rating Diploma Holders
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How This Affects You

The Valuation Office Agency (VOA) will be adjusting the Rateable Value (RV) of commercial real estate to reflect changes in the property market.

The 2023 Rating List values should be massively impacted by COVID-19 however now is the time to start preparing for the revaluation next year, by looking at minimising current liabilities, reviewing evidence and setting correct RVs ahead of the Revaluation.

A number of factors are set to influence how your properties are valued. Bearing in mind the economic position on 1 April 2021, there is a high chance that your assessment will not be valued correctly.
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How We Can Help

Our Business Rates team covers everything from challenging property business rate valuations to examining your business rate records and managing your payments.


We have a proven track record in minimising business rates liabilities for clients, with over £2bn saved from the start of the 2010 Rating List.


The team has a breadth of experience with 28 specialist sector teams and senior Directors based around the UK. We work closely with our agency colleagues, meaning we are fully up to date with current market trends and also have an active research department whose information is vital to us to ensure that your rateable values are correct.

2017 List Appeal Deadline
Friday 31 March 2023

The introduction of the 2023 Rating Revaluation coincides with the closing of the current 2017 Rating List. The Government has confirmed an appeal deadline of Friday 31 March 2023. Failure to appeal your 2017 Rateable Value by the end of March next year could see you miss out on a rates rebate over a six year period from Saturday 1 April 2017.

Business Rates Revaluation by Location/Sector

Due to the changes in the Scottish appeals system, it is imperative that the work is done in advance of the new list.

Amongst many changes set to take place for Scotland, revaluation cycles will be three yearly rather than five, tone date will be one year prior to the revaluation which was previously two years and the system is moving from the Valuation Appeal Committees to the Scottish Tribunals system to deal with disputes in appeal.

If you are looking for business rates help and advice for property in Scotland, our team of experts based in Scotland will be able to help you navigate the changes that will happen.

Rating Revaluation Scotland

Sustained and robust rental growth in the industrial and logistics sector.

There has been sustained and robust rental growth in the industrial and logistics sector between the valuation date for the 2017 list of 1 April 2015 and the valuation date for the next list of 1 April 2021. It is likely that industrial and warehouse operators will see a significant increase in their rates bills when the revaluation takes effect.

Our research states that if the VOA assess the 2021 values correctly, prime warehousing faces RV increases of up to 54%.

Being proactive is key. It is fundamental that occupiers take advice now to fully understand the likely impact of the 2023 business rates revaluation and avoid any unexpected cost increases.

Download our Industrial Business Rates Report

Rating Revaluation Industrial

Significant areas of opportunity.

The retail market was not in a good place on 1 April 2021, with rental levels showing significant falls, large incentives being agreed between parties and unfortunately, a high number of vacant units in certain locations.

Retail values have halved in some locations since the last Revaluation and we would expect rateable values, and therefore business rates, to follow.

It is necessary to ensure that your assessments for both 2017 and 2023 are correct and reflect the state of the market accurately.

Rating Revaluation Retail

A changing market.

With the Antecedent Valuation Date being situated in the middle of the COVID-19 period and with so many changes having been made to the way we live our daily lives, we have to ensure that Rateable Values for the offices sector are not left behind. The change in requirements for office space has led to greater demand for high quality space but for a different type usage, with more breakout space and differing formats.

Between 2015 and 2021 there has been growth in some areas of the market but decline in others, and there is a real possibility that this will not be correctly reflected in your assessments. It is worth taking advice so that greater investigation can be done on your behalf.

Rating Revaluation Office
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Understanding Business Rates

The world of business rates can be confusing, but if you own a commercial property then you will need to understand what they are and how they will affect you.

Read our Business Rates Guide

Read our Scotland Business Rates Guide

Explore our full services

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Please do not hesitate to contact the team on:


rating@colliers.com

0800 358 3230

 

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