Business rates and how they are calculated
We calculate how much you have to pay by applying a rating multiplier to your rateable value and deducting any relief to produce your final bill.
The rateable value (set by the Valuation Office Agency) is based on the open market annual rent for your property on 1 April 2008. This figure is likely to be different to the rent you pay as it is a fixed valuation taken from a set date and open to government assumptions.
Rateable values are assessed by the Valuation Office Agency every five years and published on their website. The next revaluation will take place in 2017 and will based on rental values at 1 April 2015.
The Valuation Office Agency has revalued all non-domestic properties for introduction of the 2017 rating list, which comes into effect on 1 April 2017.
The 2017 rateable value is based on the open market annual rent for your property on 1 April 2015.
The rating multiplier is set annually by central government and cannot be raised by more than the increase in the retail price index, except in a revaluation year.
For 2018/19 multiplier rates are:
- 49.3p, national non-domestic rate multiplier (2017/18 rate – 47.9p)
- 48.0p, small business multiplier (2017/18 rate – 46.6p)
The small business multiplier is used for occupied properties with a rateable value of less than £15,000 (or less than £18,000 before 1 April 2017).