1 August 2019
Our friends at the Professional Association of Self-Caterers (PASC) have very kindly shared a paper that they have written for their members to help navigate your way through the recent form VO6048 sent by the Valuation Office, which will soon (if not already) be landing on your doorsteps.
The next Business Rates revaluation is underway and all businesses will be receiving forms to fill in their details and return. The information will be gathered over the next 15 months to allow the Valuation Office to present the new rateable values in October 2020. There will be a short period for these rates to be queried before being adopted from April 2021.
It is a legal requirement to fill in Form VO6048 within 56 days of receiving it. The fines for not doing so are an initial £100. If you don’t send it in within another 21 days it’s another £100 fine and then if you still don’t it’s a £20 fine per day (yes £600 per month) up to the total amount of your Rateable Value.
It is highly unlikely that there will be any further change to the Self-Catering Practice Notes, this should mean that all Self-Catering Businesses in England and Wales will benefit from a percentage reduction at this time.
The full guide from PASC can be found here.
For more information or any concerns please do not hesitate to contact us on 0845 300 6996 or email firstname.lastname@example.org