Originally written by Timothy Adler on Small Business
The Valuation Office Agency (VOA) is an executive agency of HM Revenue and Customs (HMRC). Its valuation work covers every domestic and commercial property in England and Wales. It also provides independent and impartial valuation and professional property advice across the public sector. Its valuations help to bring in more than £51bn in revenue in local taxation.
What has the Valuation Office Agency got to do with business rates?
The Valuation Office Agency is responsible for setting a Rateable Value (RV) for every domestic and commercial property across England and Wales. The Rateable Value of a non-domestic property will help determine the business rates payable by the property’s ratepayer. It is a key part of the business rates system – but as an operational agency it delivers its work within legislative and policy frameworks set by HMT and MHCLG. Its role is to provide independent, impartial valuations that support local taxation and benefits. Based on the valuations it provides, local authorities then decide on rates that businesses will be responsible for paying.
How does the Valuation Office Agency value my business*?
Business rates are worked out based on your property’s “rateable value”. This is its open market