ACS has called for a three year revaluation period and more transparency from the Valuation Office Agency in a bid to make the current business rates system fairer.
In a recent submission to government, ACS supports more frequent revaluations, which would make changes to business rate bills less burdensome for local shops. Businesses are currently revalued once every five years.
In addition, ACS has requested further transparency from the VOA to reveal the information they use to rate business premises. This in turn would give convenience retailers more confidence in their business’ rating, making them less liable to challenge their rating.
ACS chief executive, James Lowman, said: “Business rates are one of the largest financial and administrative burdens currently placed on retailers. Although the Government has started making steps to improve the system, there is still a long way to go before business rates are more favourable for retailers”.
In the 2014 Autumn Financial Statement, the Chancellor committed to a full review of the business rates system. The terms of reference for this review are yet to be published.
The full ACS submission can be viewed here: http://www.acs.org.uk/download/administration-of-business-rates-review/
