From 1 April 2023, the revaluation of non-domestic property values will come into effect. Business Rates are based on Rateable Values (RVs), determined by the Valuation Office Agency (VOA) through a process called revaluation. This revaluation is based on property values at 1 April 2021. Some key figures of interest include:
- Total RV of businesses in Westminster is £4.7bn, down 3.2% since 2017
- Westminster’s RV as a share of England and Wales fell from 7.7% to 6.7%
- While a relatively small category (at 2% of total Westminster RV), educational establishments have seen a 12% increase in RV
If your business has a new rateable value of £30,000 or over and falls with in the BID area, we would be delighted to welcome you as a BID member and would love the opportunity to meet with your business to introduce you to our work and discuss how we can help. Please contact askus@paddingtonnow.co.uk to set up a meeting.
