Rateable value
Rateable value is determined by the Valuation Office, by a commercial assessment. They consider its size, location, and other factors to determine the rates payable.
The rateable value is multiplied by the business rates multiplier, which is set by the government annually.
The 2023 to 2024 multipliers are:
- 51.2 pence per pound for properties with a rateable value of 51,000 or more
- 49.9 pence per pound for properties with a rateable value of below 51,000
Further information can be found in the business rates explanatory notes.
Find your rateable value
Your rateable value is shown on your bill. You can also check on GOV.UK . Once you have the rateable value you can estimate how much business rates you will pay estimate your business rates on GOV.UK .
Business rates revaluation
The purpose of transitional relief is, to phase in gradually any changes to your rates following a revaluation. The 2023 revaluation took effect from 1 April 2023.
The next revaluation is due in 2026.
Transitional rate relief
After a revaluation, many business rates payers see their rates rise or fall significantly. Without transitional relief, it would be very difficult for businesses to plan.
Transitional rate relief is prescribed by government and automatically applied to your bill before it is issued. If you feel you should either receive transitional relief or the transitional relief has been calculated incorrectly, please contact us.
Check and challenge
The ratepayer (and certain others who have an interest in the property) can check and challenge the value shown in the list if they believe it is wrong. Full details on your rights are available from the Valuation Office Agency .
Your billing authority can only backdate any business rates rebate to the date from which any change to the list is to have effect.
The Valuation Office Agency will continue to fulfil their legal obligations to alter rating assessments if new information comes to light indicating the valuation is inaccurate.
Changes to your property
If you have made changes to your property, for example extended or reduced your property, you should tell the valuation office as this may affect your rateable value.
This can be a complicated process and you may wish to instruct a ratings advisor to help you, we would encourage you to use the VOA check-list Be wary of rogue business rates agents - GOV.UK (www.gov.uk) and government advice Appointing an agent for business rates - GOV.UK (www.gov.uk) before seeking help.
You can also manage you own business rates by creating Business Rates Valuation Account Business rates valuation account: sign in or set up - GOV.UK (www.gov.uk)