The Valuation Office Agency (VOA) is asking licensees for information about their pub’s trading performance to re-valuate the rateable value of the pub . Initially the form to be filled in will only be one page long, which is a reduction from previous revaluations. However, if this form is not filled in within 28 days the owner will be faced with a longer form that is eight pages long.
If the longer form is then not returned, the owners could be faced with fines. this means that if the VOA has to estimate the valuation, the owner could end up paying higher rates bills than necessary.
Updated valuations will be released during October 2016, and new bills will be based on these from April.
Business rates have been a concern for licensees in the recent years as they are significant percentage of the pub’s fixed costs. This has lead to the BBPA (British Beer Pub Association) creating the campaign ‘Better Rates for Pubs’. So the new valuations could come as a relief to licensees who’s turnover has decreased over the recent years.
It is clear that the best possible way to avoid any headache is to get the form filled in at the earliest fine to avoid doing some extra paperwork.
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