Business Rates Revaluation 2026: What Commercial Landlords Should Do Now
Business rates revaluation is one of those topics that sits quietly in the background, right up until it doesn’t. When the figures change, tenants want answers, budgets need updating, voids can become more expensive, and negotiations suddenly include: “what’s the rates position now?” The 2026 business rates revaluation takes effect from 1 April 2026 in England and Wales. The new rateable values are based on rental values as at 1 April 2024, which is the valuation date used for this revaluation. Revaluations now happen every three years. If you want wider context on how this fits into overall landlord planning and compliance, you can also read our guide to commercial property compliance in Cornwall.At a Glance
If you only take away five points, make it these:- The new list starts on 1 April 2026
- Values are based on the market at 1 April 2024
- You can already view your future rateable values online
- You have until 31 March 2026 to request changes to your current valuation
- Voids are where landlords feel the cash impact fastest
Revaluation Basics in Plain English
A business rates bill is not just one number. It is usually driven by:Rateable value (RV) – set by the Valuation Office Agency (VOA) and intended to broadly reflect the property’s rental value at the valuation date.
The multiplier – set nationally and applied by the local council.
Reliefs and discounts – applied by the local council depending on eligibility.
The key point: an RV change does not automatically mean the bill changes by the same percentage. The multiplier and reliefs play a big part.The Dates That Matter
You can already view your future RVs for the 2026 list using the government’s online service. That makes it possible to plan before bills land. There is also an important deadline: 31 March 2026 is the last day to request changes to your current (2023 list) valuation. After 1 April 2026, you will only be able to deal with the new list. One practical detail that catches people out: if you do not already have a business rates valuation account, or you have not used it for a while, it can take up to 15 working days to register and claim a property. So do not leave this until late March.What Commercial Landlords Should Do Now
1) Get Organised with a Simple “Rates Register”
Before you do anything technical, build a simple portfolio register. One line per unit is enough. Include the current RV, the future RV, who pays rates when occupied, what happens in voids, and key lease dates such as breaks, expiries, and rent reviews. Add a note column for anything that looks odd. This one document quickly becomes your control point for budgeting, lease events, and tenant conversations.2) Check the VOA Property Facts, Not Just the RV
A lot of rating problems start with basic errors: the wrong floor area, the wrong description, the wrong split of units, or changes not reflected after alterations or subdivision. If the facts are wrong, the valuation is often wrong. So your first job is simple: check what the VOA thinks the property is. If details are incorrect, request changes to your current valuation before 31 March 2026 so the record is cleaned up before the new list takes over.3) Sanity Check the 2026 RV Against the Market at 1 April 2024
The 2026 list is based on the market at 1 April 2024, not today. That matters because your most recent deal, or today’s asking rents, might not be relevant to the valuation date. Pull together any relevant local letting evidence from around that period, including your own completed leases. Note incentives such as rent-free periods or fit-out contributions, as these affect effective rent and can distort perceived value.4) Read the Lease Position Properly: Who Carries the Rates Risk?
Revaluation is where lease wording becomes critical. For each unit, confirm who pays rates when occupied, what happens during voids, and how holding over or short-term arrangements are treated. Even where tenants are responsible, rates changes can still affect landlord outcomes through retention, renegotiation, and void exposure.5) Model Void Costs Now, Using the Future RV
This is where the financial impact is often felt first. Empty property rates relief is limited. In general, you do not pay business rates on an empty property for 3 months. Industrial premises may receive an additional 3 months relief, and listed buildings can be exempt until reoccupation. Always confirm exact eligibility with the local authority. If you have upcoming breaks or expiries, model a simple scenario using the future RV to estimate exposure over a 3–6 month void period. This helps with budgeting, incentives, and marketing decisions.6) Be Aware of Transitional Relief, but Don’t Rely on It
Transitional relief may phase increases or decreases after revaluation, but it does not remove underlying liability changes. Avoid building financial plans assuming relief will fully offset increases until confirmed billing is issued.7) Communicate Before the Bills Arrive
A short, factual note to occupiers can reduce confusion: Revaluation takes effect on 1 April 2026. RVs are based on 1 April 2024 values. RV is not the bill. If anything looks incorrect, check VOA property facts first. This helps prevent unnecessary disputes and external pressure from third-party “appeal” services.8) Decide Now How You Will Handle Challenges
Formal challenges cannot be made until the new list is live, but preparation can begin now. Ensure VOA data is accurate, gather supporting market evidence, and decide whether internal management or external specialists will handle any disputes.A Simple Action Plan for This Month
- Record current and future RVs for every unit in one central document.
- Set up or reactivate your VOA business rates account and claim properties early.
- Check and correct VOA property facts before 31 March 2026 where needed.
- Identify potential void risk and model exposure using future RVs.
- Prepare tenant communication ahead of April changes.
Final Thought
Revaluation impacts far more than occupiers. It affects landlord cashflow, void planning, tenant negotiations, and long-term asset performance. Those who stay ahead typically focus on three things: accurate data, lease clarity, and early communication. If you would like help reviewing your 2026 RV exposure, lease risk, or void modelling across your Cornwall portfolio, South West CPM can help.Need support with commercial property management in Cornwall?
Call us on 01872 301801 or email info@southwestcpm.co.uk.
Alternatively, get in touch here to discuss your property requirements.