In Wales, the rateable value of commercial properties is determined by a Valuation Office Agency (VOA) assessment, while the ‘multiplier’ poundage rate is set by the Welsh Government. Gerald Eve have the specialist knowledge to advise businesses across Wales on all aspects of property tax.
Based in Gerald Eve’s Cardiff office, our Welsh business rates team have over 50 years of experience advising and serving clients. They have developed an intricate understanding of the country’s commercial property market and unique business rates system. This knowledge and experience will enable us to maintain our position as leaders in business rates for Wales throughout the 2017 Business Rates Revaluation.
Through the Wesh Business Rates system, responsibility for rates valuation and payment is distributed thus: VOA assessors calculate the rateable value (RV) of commercial properties, while local councils are responsible for payment collection and administering any reliefs to qualifying businesses. From 1 April 2017, the rateable values will be based on the valuation date of 1 April 2015.
The 2016/17 national poundage rate for businesses in Wales, set annually by the Welsh Minister, is 48.6p. When the new rateable value was set on April 1st, ratepayers in Wales are able to make an appeal to the VOA and, if this appeal is unsuccessful, to the Valuation Tribunal for Wales.
Gerald Eve have advised that the Welsh Government follow England in changing the appeals process to save money; it would be most costly to engage the VOA in the current appeal process once the Check, Challenge, Appeal legislation comes into force in England.
Small Business Rates relief wales
Since 1st April 2014, commercial properties in Wales have been able to apply from small business rates relief. The Welsh Government has announced that this relief scheme will be extended from 1st April 2017, and be made permanent in 2018.
In order to qualify for small business rates relief in Wales, the rateable value (RV) of the property must be £6,000 or less. The relief this scheme affords small businesses is 100%. Properties with a rateable great than £6,001 are eligible for relief on a sliding scale of 1% for each £60 up to a total RV of £12,000. Properties valued at £12,000 or more are not eligible for small business rates relief in Wales.
How Gerald Eve can help
In this complicated process, Gerald Eve’s support and guidance can make a huge difference to your current rates bills, past payment audits and future liabilities budgets. We have experience helping companies of all sizes, across all industry sectors to manage and appeal their business rates costs.
Since the 2010 revaluation, Gerald Eve have helped Scottish businesses save millions of pounds through business rates appeals and we’ve advised thousands of properties. From hotels to zoos, our property tax specialists have advised clients across a huge range of sectors; the combined rateable value of our current client portfolio is over £9.3bn.
Gerald Eve are ready to advise on business rates from Edinburgh to Elgin. Our services include one of business rates recovery cases and ongoing business rates payments outsourcing, we will work to minimise your liability over the next five years.
For information on how Gerald Eve can help your business, call us today on 0845 1288 952 or send an email to one of property tax saving experts at [email protected]