Non Domestic (Business) Rates Information Leaflet

Non Domestic (Business) Rates Information Leaflet

The Department of Finance & Personnel (DFP) recently undertook a rates revaluation on all non-domestic (business) properties. The revaluation assessed new rateable values for all non-domestic properties and these were used in the calculation of rates bills for the 2015-16 rating year.

The complete non domestic rates bill is calculated on the net annual value (NAV) multiplied by district and regional rates and is payable by all local privately owned businesses. Some business will get relief; for example, a large number of properties will benefit from small business rate relief and have a % reduction applied to the bill. Others may be distinguished in the ‘Valuation List’ as wholly or partly industrial and will pay only 30% of the rates on the industrial part.

The new NAV for businesses was calculated by reference to market evidence obtained by the DFP received in relation to market rents from local Commercial Estate Agents and the Ratepayers themselves.

Land & Property Services (LPS) provides a valuation for all properties in Northern Ireland which are subject to rates and also provides valuation advice to the public sector. Details below.

There is an appeals process which can be followed and the option is available of meeting in person with an LPS representative on site if required to discuss the process.

All relevant information on the background and processes for non-domestic properties can be found by going onto the DFP website www.dfpni.gov.uk, clicking on ‘land and property’, ‘non domestic property rating’ and this opens up a menu of all options. Details below:

• Business rates: the basics

What business rates are, how they are calculated and who must pay business rates?

• Estimate your rate bill

Get an indication of what your business rates bill might be for 2015/16.

• Help available for business rates

Information on various rate relief schemes for businesses.

• Paying your business rates

How to pay your rate bill, what you should do if you can't pay your bill and what will happen if you don't.

• How business rates valuations are calculated

Valuation for newly built properties, alterations to an existing property, specialist schemes and appealing your valuation.

• District Rate Convergence Scheme

The District Rate Subsidy applies to ratepayers who find that the district rate level set by their new council is much higher than that of their old council.

• Changing your premises and business rates

How changing your premises or the business you use them for can affect your   business rates.

Alternatively contact can be made by telephone on 0300 200 7801 or postal address, Land and Property Services, Lanyon Plaza, 7 Lanyon Place, Town Parks, Belfast BT1 3LP.

In addition there are Charters Surveyors / Rating specialists that can be approached and businesses can find a reputable firm by going to the website www.ricsfirms.com however, there will likely be a fee involved.