Find out how business rates are worked out and how to appeal if you think your rateable value is wrong or has changed.
We work out business rates each year by taking a propertys rateable value and multiplying it by the multiplier set by the government each year.
What rateable value means
All properties which arent homes have a rateable value, as a way of measuring how valuable each property is.
Rateable values are usually revised every five years. The current rateable values are based on the 1 April 2015 valuation, coming into effect 1 April 2017.
Rateable values arent set by the council but by the Valuation Office Agency (VOA), who are part of HM Revenues and Customs. They can alter the value if circumstances change, and you, the ratepayer can appeal against the value if you believe that it's wrong.
Your current rateable value represents a professional assessment of the annual rent of a property, as if it was available to let on the open market on the 1 April 2015.
Your rateable value for the period starting 1 April 2023 is based on a similar assessment as at 1 April 2021.
The VOA gathers as much evidence as possible about actual rents paid for properties so that they can set appropriate rental values.
How the multiplier works
The rateable value is multiplied by the appropriate multiplier to work out the rates payable, before any relief is applied. The multipliers are set each financial year by the government.
In 2022 the multiplier for premises over £51,000 rateable value is 51.2p. If your rateable value is £100,000, we'd multiply this by 51.2p and your bill for the year will be £51,200.
The multiplier, in most circumstances, for premises under £51,000 rateable value is 49.9p. If your rateable value is £40,000, we'd multiply this by 49.9p and your bill for the year will be £19,960.
Each year on 1 April the multiplier is changed by the government depending on the level of inflation.
How rateable value can change
The rateable value of a property may be changed for a number of reasons:
- your premises may alter in size as a result of an extension or other alteration
- the use of your premises may change
- you may appeal against the assessment after a revaluation
- you may combine your premises with next door or you may split it into two or more units
If you believe that your rateable value is too high or need to change the assessment of your property, you must contact the VOA Go to https://www.gov.uk/valuation-offices-business-rates (opens new window).
Appeal about your rateable value
The Valuation Office Agency (VOA) values all business properties for business rates. The valuation is based on information the VOA holds about your property.
You can find more information and contact the VOA at GOV.UK
If you are unable to use the online service you can also contact the VOA on 03000 501 501.