Calculating your business rates
Your rates bill is calculated by applying a multiplier to the rateable value of the premises.
Rateable value
The rateable value is set by the Valuation Office Agency (VOA) and it is shown on your bill. The VOA draw up and maintain a full list of all rateable values.
The rateable value of your property represents the yearly rent the property could have been let for on the open market on a particular date.
Business rates are updated every five years to reflect changes in the property market. This process is called revaluation. The last time they were updated was in 2023.
Appealing your rateable value
The valuation office may alter the value if circumstances change. The ratepayer (and certain others who have an interest in the property) can appeal against the value shown in the list if they believe it is wrong.
For more information, visit how to check and challenge your rateable value on Gov.uk website
You do not have to be represented to make an appeal. If you wish to be represented check that they are knowledgeable, experienced and have appropriate indemnity insurance. Members of the following institutes are qualified and regulated by rules of professional conduct:
- Royal Institution of Chartered Surveyors (RICS) and
- The Institute of Revenues Rating and Valuation (IRRV)
How your bill is calculated
There are two multipliers set by the Government from 1 April each year. Your business rates bill is calculated by applying the multiplier to the rateable value.
For the year starting 1 April 2024 the multipliers are:
- 0.546 used for rateable values of £51,000 and above
- 0.499 is the small business multiplier used for most rateable values of £50,999 or less
Transitional relief
Transitional relief limits how much your bill can change each year as a result of revaluation. The transitional arrangements are applied automatically and are shown on your bill.
Business rates data
We receive a high volume of Freedom of Information requests for information about rate relief and empty properties with rateable values. We will now make the data available and it will be updated quarterly.
The current Non-Domestic Rates (NDR) database contains details of all properties including rateable value (RV) and any reliefs or exemptions awarded:
