21st February 2024 Posted by - Alexander Accountancy
Some self-catering holiday lets assessed for business rates
The Valuation Office Agency (VOA) is contacting the owners of some self-catering holiday lets. The lets in question are ones that are currently being assessed for business rates.
The VOA are looking for additional information about the income and expenditure of these properties. This will assist in calculating the rateable value of the property.
This enquiry follows an exercise undertaken by the VOA last year to contact self-catering holiday let owners. The information requested at that time enabled the VOA to decide whether the properties should be assessed for business rates or Council Tax.
The rateable values of self-catering holiday lets must be updated by the VOA every three years, and the information being requested helps them to revalue properties correctly.
Forms will be sent out between February and August. If you receive one, then it must be returned within 56 days to avoid paying a penalty.
If you receive a form and need any help with completing it, please contact us and we will be happy to help. If you are expecting a form and do not receive one, or otherwise believe that the rateable value for your holiday let is incorrect, let us know and we’ll be pleased to help.
For more information on how properties are valued, click the links below.
see: https://valuationoffice.blog.gov.uk
See: Gov.uk
