Draft valuations for the April 2017 business rates changes have now been published and it will come as no surprise, given variable market conditions over the last few years, that some areas are seeing a marked drop in rateable vales whilst others are seeing a significant increase.
Oxfordshire has fared relatively well in recent years with prices holding their own so many businesses will see their rateable values increase as a result. You can now check the proposed rates online at https://www.tax.service.gov.uk/view-my-valuation/search
Business owners would be well advised to check now and see if they agree with their rating proposal. If details are incorrect or you disagree with the valuation there is a mechanism to appeal and plenty of good local surveyors or commercial property disputes solicitors who can help you through the process.
Around 324 retail centres across Britain will see a decrease in business rates; 21 will pay the same amount; and 76, mostly in London and the South East, are likely to see increases.
For example, it estimates that Dover Street in central London will see the sharpest rise in bills. High-end fashion shops like Victoria Beckham, Jimmy Choo and Alexander McQueen that are based there are likely to see their rateable values increase by 415%.
Brixton may see a 128% increase, Westfield in Shepherds Bush could see a 102% increase.
But in other parts of the country, such as Newport in South Wales, there is likely to be a 71% cut in rateable values. In Suffolk, Lowestoft may get reductions of 41% and in Yorkshire, Redcar may see 38% cuts.