Monmouthshire County Council has expressed concern over a drastic rise in business rates following the latest revaluation of draft rateable values assessed by the Valuation Office Agency (VOA). Some businesses across the county are reporting an increase of over 40% in rateable values from 1st April 2017.
Deputy Leader Bob Greenland, the cabinet member for Enterprise said: “As an authority keen to celebrate the county’s business excellence we will summon an urgent meeting with the VOA to raise our concerns. Although the authority is unaware of a procedure to lodge an appeal on behalf of the businesses within its county boundaries, we will seek answers about why our businesses appear to shoulder a higher proportion of the rates burden liability in Wales”.
One of the council’s four major priorities is to support enterprise, entrepreneurship and job creation.
Rateable values are based on the rental value of properties at 1st April 2015, reflecting the changes in the property market across the country since the last valuation undertaken in 2010.
Draft rateable values are currently available on the VOA website and businesses in Monmouthshire are encouraged to check their draft rateable value by 30th November 2016 and inform the VOA of any inaccuracies. Businesses are unable to appeal their rateable value until the start of the new financial year next April.
The Welsh Government plans to limit the impact of the revaluation by offering a transitional relief rather than changing the thresholds for small business rates relief, but as a result of the VOA’s 2017 non-domestic rates revaluation, some properties currently receiving Small Business Rates Relief will no longer qualify. Consequently, the Welsh Government is consulting on a transitional relief scheme to phase in changes to individual rates bills for properties receiving Small Business Rates Relief. This consultation closes on Friday, 4th November.