on the 7thTh from In June, the Valuation Office Agency (VOA) completed its consultation on corporate rates.
The VOA calculates the general eligibility criteria and taxable value (RV) for individual commercial properties. In November last year (2022) they released the Reassessment of business tariffs 2023. This document outlines the expectations for the 2023 assessment list and allows commercial rate payers to understand how their commercial rates are changing.
Although significant increases were expected, it sparked an outcry for a review of Britain’s outdated business tariff system. Surprisingly, the government agreed. A new bill to modernize the tariff system for companies has been presented. Perhaps even more surprisingly, the public was invited to give their opinion.
This online consultation was about what information the VOA should share about reviews.
The VOA had three
Key points they asked the public to consider:
- What additional information should be shared about evaluating business rates?
- What you need to judge if your review is fair
- what you consider to be sensitive data
This rare opportunity allowed the general public, whether or not they pay corporate taxes, to express their thoughts on the corporate tax system. RVA surveyors – Specialists in lowering business tariffs were happy to comment on this.
“The process needs to be simplified and made more transparent,” Clare Whitfield, director of surveys and operations, said.
“Also, the inability to communicate directly with a VOA case worker from the start means that VOA does not provide support and guidance until their case has started.”
While the VOA is undoubtedly compiling the information gathered, an initial release date for the results has yet to be announced announced. What impact these findings will have is also less known. A draft law to modernize tariffs for companies has already been presented. While this is subject to a separate consultation, it is not known what input the VOA has made to its own public consultation.
While the consultation did open a dialogue about what information should be shared, the question arises: how can company payers know that this will lead to a fair and accurate assessment? Knowing what data is used to judge something like this does not mean understanding why it was judged that way. If the VOA even tells anyone.
“Until the VOA has inspected each commercial property with all relevant evidence, it cannot confirm that each property has a fair and accurate valuation,” added Anthony Hughes, managing director at RVA Surveyors.
“Realistically, on-site inspections of any commercial property are well within the capabilities of the VOA.”
