Land & Property Services (LPS) has confirmed that the online questionnaire to collect rental data for the non-domestic rates revaluation – Reval2020 will close at midnight on Sunday 14 October.
LPS is now urging those businesses that have not yet responded to return their rental data via the portal https://www.finance-ni.gov.uk/services/reval2020-before-you-start by 14 October at the latest to ensure their future business rates are based on correct information.
Business ratepayers and their advisors in Northern Ireland are required to provide rental and other evidence to LPS with a view to preparing a new Valuation List, with the majority of ratepayers submitting their details online. LPS is using this information in analysing the current market and assessing the rental value of every rateable property, which then will be used to calculate business rate bills from 1 April 2020. LPS will publish draft business rate values online in the autumn of 2019.
Alan Brontë, Commissioner of Valuation said: “This is a key stage in the process of revaluing around 75,000 properties occupied by businesses and other bodies. I would now urge business ratepayers to submit the necessary online information by 14 October, as this is your opportunity to ensure your future rate bills are accurate.
“LPS would like to thank those sectors and businesses who have already forwarded the necessary information. Since Reval2020 was launched in April this year, LPS has been pro-active in liaising with individual ratepayers, business groups and other organisations to assist with the completion of the Rent & Lease questionnaire.
“Regular revaluations maintain fairness in the rating system by ensuring business rates adjust to reflect changes in the local market. There is a dedicated helpline 0300 200 7801 to assist ratepayers with any queries regarding the completion of the online questionnaire.”
Non-domestic rates currently contribute around £610 million a year towards regional services (roads, hospitals, schools etc) and local services (leisure services, waste collection etc) provided by councils.
Further information about the process and the revaluation in general can be found at https://www.finance-ni.gov.uk/reval-2020-ni.
Notes to editors:
1. Business rates are a local property tax levied on all non-domestic ratepayers, proportionate to the rental value of each property.
2. It is necessary to periodically revalue all non-domestic properties. The last revaluation took place in 2015 using 2013 rental values.
3. Legislation requires that non-domestic ratepayers must provide the information; fines for non-compliance can be imposed. It is also in businesses interest to do so; helping to ensure that the correct amount of business rates from April 2020 are paid.
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