The Valuation Office Agency regularly updates the rateable values of all businesses and other non-domestic properties as part of a revaluation exercise. Rateable values are used to calculate your business rates bill.
Rateable values are the amount of rent a property could have been let for on a set valuation date. For the 2023 valuation, that date was 1 April 2021.
You can view your assessment online at https://www.gov.uk/find-business-rates
Non-Domestic Rates Multiplier 2023/24
The Welsh Government recognises the current economic pressures faced by businesses and other ratepayers in Wales.
The decision has therefore been made, to freeze the non-domestic rates multiplier in Wales for 2023-24, at the current rate of 53.5p.
The Welsh Government provides Transitional Relief to all ratepayers whose liability is increasing by more than £300, as a consequence of revaluation, with transitional relief.
Any increase in non-domestic rates liability as a result of revaluation will be phased in over two years. A ratepayer will pay 33% of their additional liability in the first year (2023-24) and 66% in the second year (2024-25), before reaching their full liability in the third year (2025-26).
Transitional Relief will automatically be awarded and applied to your Non-Domestic Rates bill if your business is eligible for the scheme.
Full details of the 2023 Transitional Relief Scheme in Wales can be found here:
Extension to the Retail, Leisure, and Hospitality Relief 2023/24
Eligible retail, leisure and hospitality businesses in Wales will receive extended support for 2023/24. Ratepayers who meet the qualifying criteria will receive 75% non-domestic rates relief for the duration of 2023-24 financial year, subject to a cap on relief across Wales at £110,000 per business.
Frequently Asked Questions (Wales)
What is revaluation?
Revaluation is a review of the rateable values of all non-domestic properties in England and Wales carried out by the Valuation Office Agency (VOA). This normally happens every 3 years.
How do you value a property?
The VOA values a property by its rateable value. Rateable values are the amount of rent a property could have been let for on a set valuation date. For the 2023 valuation, that date was 1 April 2021.
How is my rateable value calculated?
The rateable value is based on how much rent a property could be let for, on a set date (1 April 2021 for revaluation 2023).
In order to calculate the rateable value, the VOA analyses the rental property market to ensure that rateable values reflect the property market accurately.
What is the valuation date for revaluation 2023?
The AVD for revaluation 2023 is 1 April 2021.
Who decides on the valuation date?
The Government decide on the valuation date. They chose 1 April 2021 so that valuations would reflect the impact of COVID-19 on the property market.
How is my business rates bill calculated?
We calculate business rates bills using a rateable value. Rateable values are based on how much rent a customer’s property could be let for, on a set date (1 April 2021 for revaluation 2023).
Who do I contact if my rateable value is too high?
From 1 April 2023, customers will need to use a business rates valuation account to tell the VOA they think their rateable value is too high.
They must continue to make payments of their business rates as normal. If they do overpay, they can request a refund from their local council.
Who do I contact if my property has changed?
Before 1 April 2023, Welsh customers should use the Find a Business Rates Valuation Service on GOV.UK to tell the VOA about changes to their property details such as floor area sizes and parking.
After 1 April 2023, to tell the VOA about changes to their property details, customers need a Business Rates Valuation Account.
The VOA may accept their changes and update the current and future valuations.
Why do similar properties have different rateable values?
When calculating a rateable value, the VOA considers how much a property could be let for, on a set date. The rateable value of properties can vary for a number of reasons like size or location.
What business rates relief are available?
There are several types of business rates relief for customers. They can find further information on GOV.UK. They may need to contact their local council to check their eligibility for business rates relief.
Business rates reliefs are handled differently if their property is in Wales.
What if I want to use an agent?
If a customer wants to authorise an agent to act on their behalf, they can appoint one using an authority to act form on GOV.UK.
If you are considering making a proposal to change your rateable value you may wish to contact a rating adviser. Members of the Royal Institute of Chartered Surveyors https://www.rics.org/uk/ (RICS) and Institute of Revenues and Valuation (IRRV) are regulated by rules of professional conduct designed to protect the public from misconduct. You can find details of these organisations and their members on their websites.
Before employing a rating adviser, and particularly before employing one who is not a member of one of those bodies, you should satisfy yourself that he or she has the necessary knowledge and expertise, as well as appropriate indemnity insurance.
You should be wary of false or misleading claims. Please be careful before entering into any contract and take advice if necessary before you do so. And bear in mind that no matter how persuasive they may be, no one can guarantee reductions in rateable value. These are always subject to the agreement of the Valuation Office Agency or the decisions of a Valuation Tribunal or higher court.
If you appeal against my rateable value you still have to make payment. Rates are payable based on the rateable value which appears in the current Rating List and if you do not pay as shown on your bill, recovery action will have to be taken, even though an appeal may be outstanding. If your appeal is successful and your rates are reduced, interest is usually payable on any overpayment, providing further recovery action has not commenced. If you are having difficulty paying your Business Rates, please get in touch with us straight away.