Business rates demands will soon be issued by local authorities for the coming year, and will be based on the rateable value shown in the 2010 rating list.

The rateable value of every commercial property in England and Wales is assessed by the valuation officer, part of H M Revenue and Customs. The assessments in the current list are meant to represent rental values in April 2008, but with the turmoil in the property market, they may not be accurate or correct.

Companies should consider whether an appeal against their assessment is appropriate, but this could mean rates going up as well as down, so company owners should seek professional advice before embarking on an appeal.