How we work out your business rates bill

We work out the business rates bill by multiplying the rateable value of the property by the appropriate multiplier.

There are two multipliers:

  • The 2023/24 standard business non-domestic rating multiplier is 51.2 pence

  • The 2023/24 small business non-domestic rating multiplier is 49.9 pence

  • The 2024/25  standard non-domestic rating multiplier is 54.6 pence

  • The 2024/25 small business non-domestic rating multiplier is 49.9 pence

The standard non-domestic rating multiplier is slightly higher to pay for small business rate relief. Except in the City of London, where special arrangements apply, the Government sets multipliers for each financial year for the whole of England according to legal formulae.

Between revaluations the multipliers change each year in line with inflation and to take account of the cost of small business rate relief.

In the year of revaluation the multipliers are rebased to account for overall changes to total rateable value and ensure that the revaluation does not raise extra money for Government.

If you are only in occupation for part of the year, we calculate the exact portion that you owe by splitting the annual charge to a daily rate. We multiply this by the number of days you are in occupation or are entitled to occupy the property.

Rateable value

Apart from properties that are exempt from business rates, each non-domestic property has a rateable value. This is set by the Valuation Office Agency (VOA), an agency of Her Majesty's Revenue and Customs.

The rateable value of your property broadly represents the yearly rent the property could have been let for on the open market on a particular date. For the revaluation that came into effect on 1 April 2023, this date was set as 1 Aprill 2021.

Your rateable value can be obtained from the Valuation Office Agency website.

The valuation officer 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.

Further information about the grounds on which appeals may be made and the process for doing so can be found on the Business rates valuation account: sign in or set up - GOV.UK (www.gov.uk).

Reassessing rateable values and transitional relief

All rateable values are generally reassessed every five years at a general revaluation to ensure bills paid by any one ratepayer reflect changes in the value of their property. The current rating list is based on the 2023 revaluation.

The Government has put in place a transitional relief scheme to limit and phase in changes. The transitional arrangements are applied automatically to your demand notice.

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