How your business rates are worked out
Your business rate is based on the rateable value of your property. This value represents the rent the property could have been let for on a certain date set in law.
The rateable value is set by the Valuation Office Agency (VOA). We use this to calculate your business rates bill. Read more about rateable value and how business properties are valued.
To work out the annual business rates, we multiply the rateable value of the property by a ‘multiplier’ figure which is set by central government effective from 1 April every year.
Revaluation
The multiplier is reviewed every year but cannot increase or decrease more than inflation except in a revaluation year. The next revaluation will come into effect on 1 April 2023.
We will make changes to your bill if the revaluation affects you. The transitional relief scheme helps to reduce the impact of a large increase or decrease in charges due to revaluations. It applies to charges based on the property at the time of the revaluation; not to any changes made afterwards that affects the rateable value. Contact us if you need more information.
Read about business rates relief following revaluation
Who does what?
The Valuation Office Agency sets the rateable value on which your rates are based. They have provided some useful video clips and help topics here
The government sets the multiplier and makes national rules about business rates.
We calculate, bill and collect business rates.