What is a revaluation?
Revaluation is the term used to describe the regular review of rateable values for all non-domestic properties in England and Wales.
Revaluation takes account of any changes in the rental market and redistributes the total amount of business rates paid between different properties to reflect those changes.
Business rates are charged on most non-domestic properties. Properties like:
- shops
- offices
- pubs
- warehouses
- factories
- holiday rental homes or guest houses
- beach huts
- stables.
You will probably have to pay business rates if you use a building, part of a building or land for non-domestic purposes.
How does the HMRC Valuation Office value a property?
The Valuation Office 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 2026 revaluation, that date is 1 April 2024.
To calculate the rateable value, the Valuation Office analyses the rental property market to ensure that rateable values reflect the market accurately.
Why can't I challenge my new valuation before 1 April 2026?
Legally, it is not possible to challenge your new valuation until 1 April 2026.
You can let us know the details we hold about your property are wrong by raising a Check against your 2023 valuation using your business rates valuation account. Any changes made to your 2023 valuation could result in your rateable value going up or down, and this may also affect your new valuation from 1 April 2026.
You can also compare your property’s rateable value with similar properties in the area and check how the valuation was calculated. The VOA has improved how they display this information to make it easier for you to understand how your property’s rateable value was calculated.
Why can’t I make changes to my current valuation after 31 March?
There is a deadline for requesting changes to your current valuation because the 2023 rating list closes on 31 March. A rating list is the official record of rateable values for all commercial, and other non-domestic, properties in England and Wales.
When a new rating list comes into effect, the previous list must close. This is a normal part of how the business rates system works and is set out in law.
Closing a rating list means each list has a clear beginning and end. This:
- helps make sure the information it contains is final and reliable
- gives certainty about past valuations, helping you plan and budget with confidence.
It also means the Valuation Office can move on to keeping the new rating list accurate. The Valuation Office has written a blog about this.
What is the valuation date for revaluation 2026?
The valuation date for 2026 is 1 April 2024. The government sets the valuation date usually two years before a revaluation to allow time for data collection and analysis.
How is my business rates bill calculated?
Your bill is calculated by taking your rateable value and multiplying this by a value known as a multiplier. This is set by the UK Government in England and the Welsh Government in Wales.
Where can I see my property’s rateable value?
You can now see your property’s new rateable on the VOA’s find a business rates valuation service on GOV.UK.
Who do I contact if my property has changed?
If a property has changed, for example its floor size is different, then you can tell the Valuation Office using a business rates valuation account. There is information explaining how to set up a business rates valuation account on GOV.UK.
Who do I contact if my rateable value is too high?
If you think your new rateable value is too high, you can get in touch with the Valuation Office using a business rates valuation account. While you cannot challenge your 2026 valuation until 1 April, you can let us know the details we hold about your property are wrong by raising a Check against your 2023 valuation.
Any changes made to your 2023 valuation could result in your rateable value going up or down. This may also affect your new valuation from 1 April 2026.
You must continue to pay your business rates as normal until a decision has been made on your case. If you are due a refund when your case is resolved this will be calculated and issued by your local council.
Why do similar properties have different rateable values?
When calculating a rateable value, the Valuation Office 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 reliefs are available?
There are several types of business rates relief. You can find further information about business rates relief on GOV.UK.
Some reliefs are applied automatically and some you need to apply for. You should never have to pay anyone to apply for a relief.
What if I want to use an agent?
You can manage your business rates yourself. If you want to appoint an agent, the Valuation Office has published information about how to choose a business rates agent.
If you want to authorise an agent to act on your behalf, you can appoint one using a business rates valuation account.