Could the latest business rates revaluation hit your pocket?
The Valuation Office Agency (VOA) is undertaking a revaluation of business rates, with new rates taking effect from 1 April 2017, which will have implications for local farmers.
Farm buildings and agricultural land will continue to be exempt from business rates as long as they are being used for agriculture. However, many farmers may have diversified since the last revaluation in 2010 and could therefore be unaware the new activities will now make them liable for business rates.
The VOA is assessing the open market rental value of properties at 1 April 2015 to determine their rateable value and this data will be used by the local authority to calculate business rates.
Rates will increase, but by how much depends on the location of the farm and any business judged chargeable to business rates.
The impact on farmers will vary greatly depending on a number of criteria.
You may check your business rates and compare them with those of your neighbour at the Valuation Office website.
To find out more about how this could affect you, or if you think you business rates may be incorrect please contact us.
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