Isle of Wight businesses are being urged to check the new rateable value of their properties.
What is a rateable value?
This follows a national revaluation carried out by HMRC Valuation Office, which has updated the rateable values of all business properties in England.
A property’s rateable value is the Valuation Office’s estimate of its annual rental value and councils across the country use it to calculate Business Rates bills.
Will my business rates bill go up or down?
Because values have been updated, some businesses will see their bills go up, some will see them go down, and some will stay about the same.
How to check or challenge your rateable value
Any business that believes its new rateable value is incorrect can review the details and request a reassessment directly from the Valuation Office.
This process is free, and there is no need to pay an agent to do this for you.
Local councils, including the Isle of Wight Council, cannot change rateable values themselves; only the Valuation Office has the authority to do so.
Businesses can check or challenge their rateable value on the Government website.
Bills show your updated rateable value, the multiplier used to calculate your bill and any reliefs you receive.
If you think you may be entitled to a relief that is not shown on your bill, please contact the Isle of Wight Council’s Business Rates team or visit our website.
Holiday lets and Small Business Rate Relief
If a holiday let is assessed for business rates and its valuation changes, the ratepayer will usually only see an impact on their bill if they do not receive Small Business Rate Relief.
For more information on different reliefs which may be available to rate payers, please visit the website.
IWC’s message to businesses
Claire Shand, director of corporate services at the Isle of Wight Council, said,
“A revaluation does not raise extra money overall, it simply shares the total amount differently based on how the property values have changed and helps keep the system fair.
“We urge businesses on the Island to check their bills, and to challenge their rateable value if they do not believe it is correct.”
News shared by Isle of Wight council press office, in their own words. Ed
