News

REVAL 2020

07 January 2020

Reval 2020

The Department of Finance has published the new Valuation List for Business Rates for implementation in April 2020.

This valuation has seen major increases to hotel NAV figures, which will result in higher rates bills for most hotels. Analysing the figures, it would appear that 118 hotels have gone up, 29 have stayed the same and 11 have decreased. The overall increase is £6.6m or 37.69%, although some hotels will see much higher increases than this. 40 hotels have an increase of over 50%.

If you are unhappy with your valuation, you have a number of options:

1. Contact LPS directly and discuss your NAV. See if you can agree a lower rate with them based on your turnover and business mix.

2. Get a valuer of your choice to look at your rates and see if any extenuating factors can be used to get a lower value.

3. Contact the Federation for further advice.

Details of your rating can be found here: finance-ni.gov.uk/services/reval-2020-draft-schedule-values. Once you have the NAV this needs to be multiplied by the Poundage for your Council area (although, the 2020 rates have not been set yet). You can find details of this in the following link:

https://www.finance-ni.gov.uk/articles/poundages-2019-2020

For further advice and support in relation to this or any other topic, please contact the office on 028 9077 6635. 

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