About business rates bills
The amount of business rates payable on a property is calculated by multiplying the rateable value of the property by the appropriate rating multiplier.
Rateable value of your property
Apart from properties that are exempt from business rates, each non-domestic property has a rateable value which is normally set by the valuation officers of the Valuation Office Agency (VOA), an agency of HM Revenues and Customs. It draws up and maintains a full list of all rateable values. For more information, please visit the VOA website.
The rateable value of your property is shown on the front of your bill and broadly represents the yearly rent the property could have been let for on the open market on a particular date. The latest revaluation is in effect from 1 April 2023.
The VOA may alter the value if the circumstances of the property have changed.
The responsibility for reporting any changes at a property is on the ratepayer (and certain others who have an interest in the property). Please make sure you notify the VOA as soon as possible so that your rates bill can be updated to reflect these changes.
The ratepayer (and certain others who have an interest in the property) can also appeal against the value shown in the list if they believe it is wrong.
Whilst you have an appeal outstanding with the VOA you must continue to pay your business rates as normal based on your current bill. You cannot withhold payment whilst awaiting a decision. Any non-payment will result in further enforcement action. If a decision is made by the VOA to reduce the rateable value, then any overpayment will be refunded.
We are a separate entity to the VOA and do not have any powers of discretion over decisions it has made.
More details about how to check, challenge and appeal your valuation is available on the Government website.
Ratepayers do not have to be represented in discussions about their rateable value or their rates bill. Appeals against rateable values can be made free of charge.
However, ratepayers who do wish to be represented should be aware that members of the Royal Institution of Chartered Surveyors (RICS) and the Institute of Revenues Rating and Valuation (IRRV) are qualified and are regulated by rules of professional conduct designed to protect the public from misconduct.
Before you employ a rating adviser, you should check that they have the necessary knowledge and expertise, as well as appropriate indemnity insurance. Take great care and, if necessary, seek further advice before entering into any contract.
All rateable values are reassessed at revaluations. The next revaluation is due to take place in April 2026. You may be contacted by the VOA to provide information about your rent or lease to support this process. You can find out more about revaluations on the Government website.
At a revaluation, some ratepayers will see their bill go down or stay the same, but some ratepayers will have increases.
Transitional schemes are introduced at each revaluation to help those facing increases. The relief is funded by limiting the reduction in bills for those who benefit from the revaluation. Transitional relief is automatically applied to bills.
National non-domestic rating multiplier
The normal multiplier for 2023-24 is 51.2p
The small business multiplier for 2023-2024 is 49.9p