Rateable Value
Each property subject to business rates has a rateable value which is calculated by the valuation officers of The Valuation Office Agency (VOA), an agency of Her Majesty’s Revenue and Customs. It draws up and maintains a full list of all rateable values. A copy of the rating list for Leeds and all other local authorities can be viewed on their website at www.voa.gov.uk (see weblinks). This site also includes details of how the rateable value was calculated for most properties.
The rateable value broadly represents the yearly rent the property could have been let for on the open market on a particular date. For the current rating list, which came into effect on 1 April 2010, this date was set as 1 April 2008.
The valuation officer may alter the value if the circumstances of the property have changed. The Ratepayer (and certain others who have an interest in the property, such as the owner) can also appeal against the value shown in the list if they believe it is wrong. Further information, including a downloadable appeal form, can be found on the VOA website or obtained directly from them at Eastgate House, 42 Eastgate, Leeds LS2 7JL.
Successful appeals against values shown in the rating list that came into force on 1 April 2010 will normally be backdated to that date, although there are exceptions to this. Again further information is available from the VOA.
Rating Advisors
Ratepayers do not have to be represented in discussions about their rateable value or their rates bill. Appeals against rateable values can be made free of charge. However ratepayers who do wish to be represented should be aware that members of the Royal Institution of Chartered Surveyors (RICS – websitewww.rics.org.uk [see weblinks]) and the Institute of Revenues Rating and Valuation (IRRV – websitewww.irrv.org.uk [see weblinks]) are qualified and are regulated by rules of professional conduct designed to protect the public from misconduct. Before you employ a rating advisor, you should check that they have the necessary knowledge and expertise.