The Valuation Office Agency tackles holiday lets

Posted on 13th February 2024 by Streets General


Image to represent The Valuation Office Agency tackles holiday lets

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.


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The content produced and presented by Streets is for general guidance and informational purposes only. It should not be construed as legal, tax, investment, financial or other advice. Furthermore, it should not be considered a recommendation or an offer to sell, or a solicitation of any offer to buy any securities or other form of financial asset. The information provided by Streets is of a general nature and is not specific for any individual or entity. Appropriate and tailored advice or independent research should be obtained before making any such decisions. Streets does not accept any liability for any loss or damage which is incurred from you acting or not acting as a result of obtaining Streets' visual or audible content.

Information

The content used by Streets has been obtained from or is based on sources that we believe to be accurate and reliable. Although reasonable care has been taken in gathering the necessary information, we cannot guarantee the accuracy or completeness of any information we publish and we accept no liability for any errors or omissions in material. You should always seek specific advice prior to making any investment, legal or tax decisions.


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