Commercial Property: New rental valuation scheme to help commercial landlords ahead of ‘Revaluation 2023’
A new rental valuation scheme will help reduce administration for commercial property landlords and businesses with a large property portfolio, the Valuation Office Agency (VOA) has announced.
The initiative comes ahead of Revaluation 2023, during which time commercial property landlords are asked to provide rental information to adjust rateable values.
Rateable values are usually adjusted every five years by the Valuation Office Agency and are used by local authorities to calculate business rates, which are charged on almost all non-domestic properties, such as shops, offices, pubs, warehouses, factories, and holiday rental homes or guest houses.
The new scheme will be known as the Valuation Office Rating Contact (VORC) scheme, the change will allow landlords with more than 20 properties to submit rental details in bulk The VORC scheme will ensure that commercial landlords and businesses with a large property portfolio are not unduly burdened by enabling rental values to be submitted in bulk.
The VOA stated that it will “cut down the time and resources that you would otherwise spend providing information for all of your properties individually”.
After registering, the VOA will create an annual schedule for sharing rental information, which can be updated to reflect any rent or lease changes or for the addition and removal of properties.
Alan Colston, Chief Valuer at the Valuation Office Agency, said: “Rental information is vital in achieving an accurate and fair revaluation. That’s why as an Agency we are looking at ways we can make it easier for ratepayers to send us their details.
“The VORC scheme does just that, and we’ve already had some great feedback from customers. If you think the scheme could benefit you, please do get in touch.”
The announcement comes after business rates were waived for retail, leisure and hospitality businesses for the whole of 2020/21 in response to the coronavirus pandemic.
Grants of up to £25,000 are also available to businesses who were forced to close their doors as a result of local and national lockdown restrictions.
For help and advice on matters relating to commercial property, contact Anne-Maree Dunn at WMT – Chartered Accountants today.