Since the start of the week, 1.3 million companies in England and Wales have begun to receive breakdowns of the ‘rateable value’ of their business premises from the Inland Revenue.
So-called ‘summary valuations’ are being distributed for the first time to give businesses a chance to check on how their property has been valued and challenge the decision if necessary.
The Revenue’s Valuation Office Agency said accountants could expect owners of businesses to seek their help in understanding information on the changes, which take effect from 1 April 2005.
It insisted the reassessment of the rateable values were ‘not about collecting more tax’. Up to 60% of businesses could see a fall in their rates bills, it said.
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Unincorporated businesses under the VAT threshold given an extra year to prepare before MTD becomes mandatory