When Should I Review My Business Rates? And Why the Answer is Now.
Why now is the most important time to review, and the common reasons your business rates could be incorrect.
The start of a new rating list is one of the most important times to review your business rates. With the 2026 rating list now in effect, many businesses are facing significant increases in rateable value (RV), which could affect costs throughout this rating period and beyond.
Between the 2023 and 2026 rating lists, rateable values (RV) across England and Wales increased by an average of 19.2%. As a result, many businesses are now paying thousands of pounds more in business rates each year, and in some cases significantly more.
Reviewing your business rates early can give you the best opportunity to identify errors, challenge incorrect assessments, and secure savings before overpayments build up over time. Factors such as rental evidence, property alterations and market conditions can all influence whether a valuation is accurate.
Business rates are at historic highs
Each rating list is based on rental values two years prior to the start of the rating list. The 2026 list reflects market conditions as of April 1st 2024, a period shaped by post-pandemic recovery and cost-of-living pressures, when commercial rents were at an all-time high and as a result, almost all businesses are now facing higher valuations than in any previous list:
- Average commercial rent in England and Wales in 2024: £94 per sq ft
- Offices were the most expensive sector: £183 per sq ft on average
- Rental values have increased by over 3% annually since 2022
Not only is the increase in rental values a factor for such a rise, but many commercial properties in 2024 may have also been assessed incorrectly – leading some ratepayers to see even higher business rates. Reviewing now can lead to reduced liabilities not just in the 2026 rating list but for future lists as well.
You may be eligible for reliefs
You could be entitled to a relief(s) that your property didn’t receive in the previous rating list. Common business rates reliefs include:
- Small Business Rates Relief (SBRR)
- Supporting Small Business Relief (SSB)
- Empty Property Relief
- Transitional Relief
- Pubs and Live Music Venues Relief
Reviewing your business rates early can help identify missed opportunities for savings. It’s also fruitful to see if your property is eligible in this list as some (such as the Retail, Hospitality and Leisure Relief) have been discontinued and others altered.
However, as the deadline for the 2023 rating list has passed, businesses may not be able to recover any backdated relief prior to 1st April 2026. Acting promptly is therefore increasingly important. To be successful in receiving reliefs you must meet the eligibility criteria.
The appeal process takes time
The Check Challenge Appeal (CCA) process is often lengthy and can sometimes take close to the duration of an entire rating list to complete:
- Check stage: The Valuation Office Agency (VOA) has up to 12 months to respond.
- Challenge stage: The VOA has up to 18 months to respond and requires a completed Check first.
- Appeal stage: Cases are heard by the Valuation Tribunal Service and can typically take up to nine months for a decision to be made.
Because of these timescales, starting a Check Challenge Appeal process near the end of a rating list can lead to further increases in costs over time. Reviewing earlier in the list can mean securing potential reductions sooner and beating the end of revaluation rush.
Common reasons business rates are incorrect
Errors on your assessment
The VOA relies on data to build a property’s assessment that is not always accurate or up to date. Common errors include:
- Incorrect floor measurements
- Outdated rental evidence
- Inaccurate property descriptions
- Wrong assumptions about property use
Even the smallest of errors can significantly increase your rates liability. Businesses should also review their business rates bill carefully for mistakes relating to the property address, description, multiplier and more. You can learn about this via our business rates bill article.
Property changes may not be reflected
Alterations to a property, partial occupation changes, physical deterioration, or even changes in the locality (building/road works, vacancy rates etc.) may not be automatically reflected in your valuation and resolved by the Valuation Office Agency (VOA). Unless these changes are formally reviewed, your business rates may be incorrect and affect your liabilities.
Business Rates are rarely corrected automatically
The Valuation Office Agency (VOA) will not routinely reassess a property unless prompted by the ratepayer or via a business rates reduction specialist such as RVA Surveyors acting as your agent. Due to this, many commercial ratepayers have paid incorrect business rates and potentially missed out of thousands in savings that could have been put back into the business.
Conclusion
Reviewing your business rates early in the 2026 rating list can help identify errors, secure available eligible reliefs, and reduce long-term costs sooner. With rateable values (RV) rising in each rating list, lengthy appeal timelines and backdating opportunities limited, early action can make a significant financial difference.
About RVA Surveyors
RVA Surveyors are a leading independent business rates reduction specialists, having reviewed over 50,000 properties and secured more than £400 million in savings for commercial ratepayers. Through RVA’s four-step process, our specialist teams manage the entire review and appeal process with minimal disruption.
