Why is the 2023 revaluation important?
Business rates are a form of tax, and as with any tax, the amount paid must be correct and fair. This revaluation marks the start of a government commitment to shorter, more accurate, rating periods which will be three years in length. Historically, and notwithstanding the extensions applied to both the 2010 and 2017 revaluations, revaluations have been five years in length.
The commitment to shorter revaluations is intended to ensure rateable values are more accurate and reliable, and that the business rates paid are accurate. Coming into a shorter revaluation cycle is likely to be positive but will only work if the discrepancies of the 2010 and 2017 rating periods are corrected and ratepayers ensure that FORs are completed accurately and that the base information used to submit them is correct.
That means getting a professional to submit a check in the current rating period so that, whatever happens in the future, the foundation information for the 2026 rating period (when checks will be abolished) is correct.