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The rates payable per annum is calculated by multiplying the Rateable Value of the property by the appropriate 'multiplier' which is set each financial year by Central Government.

Rateable Value

Apart from properties that are exempt from Business Rates, each non-domestic property has a rateable value, which is set by valuation officers of the Valuation Office Agency (VOA), an agency of the Inland Revenue. It draws up and maintains a full list of all rateable values, available on their website. The rateable value of your property is shown on the front of your bill. This broadly represents the yearly rent the property could have been let for on the open market, on 1 April 2010; this date was set as 1 April 2008 for the 2010 revaluation list and 1 April 2015 for the 2017 revaluation list.

The legal definition of Rateable Value is "the amount equal to the rent at which the property might reasonably be expected to let from year to year if the tenant undertook to pay all the usual tenant rates and taxes and bear the cost of repairs and insurance and other expenses (if any) necessary to maintain the property in a state to command that rent."

To find out your Rateable Value, please use the following links:

Calculate your business rates

Correct your business rates

Introduction to business rates

National Non-Domestic Rating Multiplier

There are two multipliers; the standard non-domestic rating multiplier and the small business non-domestic rating multiplier. The former is higher to help pay for small business rate relief.

 

Business Rates Multipliers

Financial Year

Standard

Small Business

2019 to 2020

£0.504

£0.491

2018 to 2019

£0.493

£0.480

2017 to 2018

£0.479

£0.466

2016 to 2017

£0.497

£0.484

For example, to calculate the rates payable (without any adjustments) on a property with a Rateable Value of £13,950 you would multiply the Rateable Value by 0.491 which gives £6,849.45 as the rates payable per annum.

See apply for business rate relief for further information.

Transitional Arrangements

Property values normally change a good deal between each valuation. Transitional arrangements help to phase in the effects of these changes by limiting increases in bills. Any transitional adjustments are shown on the front of your bill.

For further information about transitional arrangements please follow this link: transitional relief

Appeals against your Rateable Value

All appeals are dealt with by the Valuation Office; therefore, if you wish to appeal your rateable value please follow the link below:

Check your rateable value 

 

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