Most commercial properties will attract a Business Rate, including second homes that are available to let for over 140 days in a year.
Rateable values (RV) are used as the basis for deciding how much Business Rates you have to pay. The Valuation Office Agency (VOA) is responsible for determining the RVs for all commercial properties. They are based on rental values (although some types or property such as pubs and holiday accommodation may be valued differently) and are reassessed every 5 years. For an explanation of why there are revaluations go to Why a Revaluation?.
The most recent revaluation took effect on 1st April 2010 and was based on the rental value of properties in 2008. For full details of the revaluation, including your new RV, please go to the VOA website at www.2010.voa.gov.uk/rli.
The Valuation Agency may alter your RV if they believe that the circumstances of your property have changed, for instance if you have had additions or alterations carried out. You can appeal to them against the RV of your property and if you do, but cannot agree a new value with them, the matter will automatically be passed to the Valuation Tribunal, an independent body, for further review.
For information on how to appeal go to www.2010.voa.gov.uk/rli, or you can contact the local valuation office:
District Valuer's Office
190 Armada Way phone: 03000 503750
PLYMOUTH email: southwestgroup.vo@voa.gsi.gov.uk
Devon fax: 01752 614199
PL1 1EG website: www.voa.gov.uk
IMPORTANT: If you have appealed against your rateable value, payment is still due as per your latest rates bill. Payment cannot be withheld pending the outcome of your appeal. If you are successful, and your bill is reduced, interest may be payable on your overpayment. We will calculate this and refund you the overpayment, along with any interest and a tax certificate detailing the refund.
