Retail and Hospitality businesses have until 31 March to challenge their current business rates valuations before major reform takes effect from 1 April 2026, warns Price Bailey, the leading accountants. According to Price Bailey, this deadline marks the final opportunity for businesses to challenge assessments under the current system and potentially recover overpaid tax through backdated refunds.
From 1 April 2026, the government will introduce a new five-tier multiplier system, replacing the retail, hospitality and leisure relief scheme and bringing lower multipliers for smaller premises.
For retail, hospitality and leisure properties the new multipliers will be:
- 38.2p for properties with a rateable value below £51,000
- 43p for properties between £51,000 and £499,999
- 50.8p for properties with rateable values above £500,
According to Price Bailey, businesses that believe their rateable value is inaccurate can currently challenge the valuation through the Valuation Office Agency and successful appeals can result in refunds for previous years where businesses may have paid too much. But this will no longer be possible following the 31st of March.
Adam Norman, Partner at Price Bailey, comments: “Business rates are based on property valuations, and mistakes can lead to businesses paying more than they should.
“With changes to the system coming into force in April, reviewing your valuation now ensures that any inaccuracies can be corrected before the cut-off date and the new rules take effect. It’s worth checking, as some businesses are entitled to claim a significant sum back.”
Specialist advisors at Price Bailey are available to support, visit the Price Bailey website for more information.
About Price Bailey
Price Bailey is a leading accountancy firm specialising in accountancy, tax and business advice, supporting ambitious businesses throughout the UK and overseas. The firm blends expert accounting and tax services with strategic insights and specialist advice, offering an integrated business offering that drives growth and creates lasting value for their clients. Their insights and analyses are regularly featured across the media, including within trade, regional and national outlets.
For more press information contact: Eleanor Lodge, Tel: 07557 164274, Email: eleanor.lodge@pricebailey.co.uk
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Phone: 07557 164274
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Website: www.pricebailey.co.uk
