The Valuation Office Agency (VOA) is writing to some owners of self-catering holiday lets that are assessed for business rates. They are doing this because they need further information about the income and expenditure of these properties.
Last year, the VOA wrote to most self-catering holiday let owners in England and Wales to ask them to provide letting information about their property.
This information was used to determine if properties should be assessed for business rates or Council Tax.
If the VOA determined that your property should be assessed for business rates, you may receive another form which asks for additional information.
How The VOA will use your information
The information you provide will be used to calculate the rateable value of your property. Councils use rateable values to calculate business rates bills and determine if you are eligible for business rates reliefs.
The VOA are legally required to update the rateable values of all non-domestic properties, including self-catering holiday lets, every three years. This is called a revaluation.
They do this to make sure business rates bills are based on up-to-date information.
To value self-catering holiday lets, information is needed about your income and expenditure.
Provide the information within 56 days
Forms will be sent between February and August 2024.
If you receive a form from the VOA asking for information about your self-catering holiday let, it is important that you return it within 56 days of when it was issued.
If you do not, you may have to pay a penalty.
Check you have provided all the information the VOA have asked for before you return the form, even if you have previously shared information with the VOA. If you return the form and it is partially incomplete, you may still have to pay a penalty.
#VOA #ValuationOfficeAgency #holidaylets #self-cateringholiday #businessrates
Comments are closed.