Your rateable value (RV) is calculated by the Valuation Office Agency (VOA) using an estimate of the yearly rent at which your property might reasonably have been let if it had been on the market on 1st April 2021.
The VOA are responsible for carrying out reviews, also known as a Revaluation. Revaluations previously took place every five years, and the VOA notify the council of any changes in rateable values. The VOA last completed a revaluation of rateable values which took effect from 1st April 2017 and the next revaluation is due to take effect from 1 April 2023. It is then expected that the revaluations will take place every three years. View your rateable value (external link).
Find a business rates valuation - GOV.UK (external link)
Your RV is multiplied by a ‘multiplier’ (set by the Government) to produce your annual business rates bill.
As set out in the 2022 Autumn Budget, the Government has decided to freeze the business rates multipliers in 2023/24.
These multipliers for (2023/24) are 51.2p for those properties with an RV equal to or greater than £51,000 and 49.9p for those with an RV less than £51,000.
Based on the full (2023/24) multiplier, for example, if your rateable value is £20,000, the calculation will give a figure of £9,980.00 to pay for the year.
(20,000 x 49.9p).
If your property has a Rateable Value of less than £15,000 then you may be able to claim some Small Business Rate Relief.
The Valuation Office Agency (VOA) values all business properties for business rates. The valuation is based on information the VOA holds about your property (external link).
You can contact the VOA (external link). If you are unable to use the online service you can also contact the VOA on 03000 501 501.
Last Updated on Wednesday, May 8, 2024