The Valuation Office Agency (VOA) has launched an open consultation to seek public opinion on the information that should be shared about business rates. The consultation, which will consider what extra information should be provided, what is necessary to ensure the valuations are fair, and the sensitivity of data, comes as the cost of running a business continues to rise.
Studies in 2022 have identified excessive corporate profits as a major driver of inflation in the UK, but business rates remain a fixed cost for many businesses. The consultation is a way for the VOA to assess the public’s opinion on the possibility of more frequent valuations to overhaul the current system.
Anthony Hughes, Managing Director of RVA Surveyors, commented: “Overhauling the business rates tax system is a very, very frequent discussion. Many believe that more frequent valuations will do the trick, however this is only part of it. A commercial property’s space and usage can change in value, an increase, or a decrease. This then affects what business rates you pay on that property. Unless physical, on-site inspections are conducted on every commercial property to ensure accuracy, the VOA cannot guarantee a fair tax. The VOA employs almost four thousand people. Roughly half of these are surveyors. It is well within their ability and manpower to conduct physical inspections on every commercial property in a three-year rating list.”
The VOA has opened an online consultation to gather public opinion on the information to be shared about business rates, as well as the possibility of more frequent valuations to overhaul the system. The survey will consider what extra information should be provided, what is necessary to ensure the valuations are fair, and the sensitivity of data.
Derick is an experienced reporter having held multiple senior roles for large publishers across Europe. Specialist subjects include small business and financial emerging markets.