All business rates properties are to be revalued with effect from 1 April 2023. You can find the current valuation, and the valuation that will apply from 1 April 2023 at https://www.gov.uk/find-business-rates
In the Chancellors Budget Statement on 17 November 2022 the following measures were announced to protect business from substantial rate rises following revaluation:-
- Freezing the business rates multiplier for another year to protect businesses from rising inflation
- An extended and increased relief for retail, hospitality and leisure businesses from 50% to 75% from 1 April 2023
- Reforming Transitional Relief so for businesses seeing lower bills as a result of the revaluation, this will make sure they benefit from that decrease in full straight away, by abolishing downwards transitional reliefs caps.
- Businesses facing an increase in their bills as a result of revaluation will have those increases capped at 5% for businesses with a rateable value of £20k or less rising to a cap if a 30% increase for businesses with a rateable value of £100k or greater.
- Protection for small businesses who lose eligibility for either Small Business or Rural Rate Relief due to new property valuations through a more generous Supporting Small Business scheme.
This package of measures is expected to limit increases in rates bills to 1% overall although the actual impact will be different for individual businesses.
Full details of the schemes can be found on our web pages.