Contents
Your rateable value
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.
Transitional relief arrangements
Property values can change between each revaluation. Transitional arrangements help to phase in the effects of these changes by limiting the amount by which a bill may rise following a revaluation.
To help pay for limits on increases in bills after a revaluation, there have previously been limits on reductions in bills too. This decrease limit ended as of 31 March 2022.
Under the transition scheme for 2023/24 limits continue to apply to yearly increases until the full amount is due (rateable value times the multiplier).
There are limits to how much your rates can increase or decrease.
Rate increase limits
| Year | Small property (RV below £20,000:below £28,000 in London) | Medium property (RV £20,001-£100,000 | Large property (RV above £100,000 |
|---|---|---|---|
| 2017-18 | 5% | 12.5% | 42% |
| 2018-19 | 7.5% | 17.5% | 32% |
| 2019-20 | 10% | 20% | 49% |
| 2020-21 | 15% | 25% | 16% |
| 2021-22 | 15% | 25% | 6% |
| 2022-23 | 15% | 25% | 0% |
| 2023-24 | 5% | 15% | 30% |
Rate decrease limits
| Year | Small property (RV below £20,000:below £28,000 in London) | Medium property (RV £20,001-£100,000 | Large property (RV above £100,000 |
|---|---|---|---|
| 2017-18 | 20% | 10% | 4.1% |
| 2018-19 | 30% | 15% | 4.6% |
| 2019-20 | 35% | 20% | 5.9% |
| 2020-21 | 55% | 25% | 5.8% |
| 2021-22 | 55% | 25% | 4.8% |
The Council will automatically calculate any transitional relief, there is no need to apply for it.
Appealing your rateable value
A new system for Business Rates appeals was introduced on 1 April 2017, it is called, ‘Check, Challenge, Appeal’. More information can be found on Appealing the rateable value.
Check
At the ‘check’ stage you are required to check and confirm ‘the accuracy of the facts on which your rating list entry is based’.
You will need to agree with the VOA that the property details used to arrive at your rateable value are correct.
Challenge
If you cannot agree your rateable value with the VOA following the CHECK stage above you can initiate the challenge stage within 4 months of the end of the check stage.
There are certain details that the VOA will require from you. The VOA will send you a letter detailing their decision at this stage.
Appeal
If you still disagree with the VOA you have 4 months within which to make an appeal. For further details about the above process please visit the VOA website. Check and challenge your business rates valuation: step by step - GOV.UK (external link).
Terms explained
Non-Domestic Rates
Non-Domestic Rates, or Business Rates, collected by local authorities are the way that those who occupy non-domestic property contribute towards the cost of local services. This includes shops, offices, banks, hotels, factories and power stations. Business Rates are collected by Bassetlaw District Council for Central Government. Under the new Business Rates Retention Scheme, introduced from 1st April 2013, a proportion of the amount collected is retained by Bassetlaw.
The money, together with revenue from council taxpayers, locally generated income and grants from central government, is used to pay for the services provided by local authorities in your area. Further information about the business rates system (external link).
Business Rates Instalments
Payment of Business Rate bills is automatically set on a 10-monthly cycle. However, the Government has put in place regulations that allow ratepayers to require their local authority to enable payments to be made through 12 monthly instalments. More information on the various methods of payment Bassetlaw District Council accept can be found at Paying your business rates.
National Non-Domestic Rating Multiplier
The local authority works out the Business Rates bill for a property by multiplying the rateable value of the property by the appropriate non-domestic multiplier. There are two multipliers: the national non-domestic rating multiplier and the small business non-domestic rating multiplier. The Government sets the multipliers for each financial year, except in the City of London where special arrangements apply.
Ratepayers who occupy a property with a rateable value which does not exceed £50,999 (and who are not entitled to certain other mandatory relief[s] or are liable for unoccupied property rates) will have their bills calculated using the lower small business non-domestic rating multiplier, rather than the national non-domestic rating multiplier.
The multiplier for a financial year is based on the previous year’s multiplier adjusted to reflect the Consumer Price Index (CPI) inflation figure for the September prior to the billing year. The current multipliers are shown on the front of your bill.
Rateable Value
Apart from properties that are exempt from Business Rates, each non-domestic property has a rateable value which is set by the Valuation Office Agency (VOA) (external link), an agency of Her Majesty’s Revenue and Customs. They compile and maintain a full list of all rateable values. The rateable value of your property is shown on the front of your bill. This broadly represents the yearly rent the property could have been let for on the open market on a particular date specified in legislation. For the current rating list, this date was set as 1st April 2021.
The Valuation Office Agency may alter the valuation if circumstances change. The ratepayer (and certain others who have an interest in the property) can also check and challenge the valuation shown in the list if they believe it is wrong. For more information see Appealing the rateable value.
Further information about the grounds on which challenges may be made and the process for doing so can also be found on the Government website (external link).
Revaluations
All non-domestic property rateable values are reassessed at revaluations. The most recent revaluation took effect from 1st April 2023. Revaluations ensure that business rates bills are up-to-date, more accurately reflect current rental values and relative changes in rents. Frequent revaluations ensure the system continues to be responsive to changing economic conditions.
Business Rate Reliefs
Depending on individual circumstances, a ratepayer may be eligible for a rate relief (i.e. a reduction in your business rates bill). There are a range of available reliefs. Some of the permanent reliefs are set out at Business rate relief schemes, but temporary reliefs are often introduced by the Government at Budgets. Further information about the business rates system (external link).
Rating Advisers
Ratepayers do not have to be represented in discussions about their rateable value or their rates bill. However, ratepayers who do wish to be represented should be aware that members of the Royal Institution of Chartered Surveyors (RICS - website www.rics.org) and the Institute of Revenues, Rating and Valuation (IRRV - website www.irrv.org.uk) are qualified and are regulated by rules of professional conduct designed to protect the public from misconduct. Before you employ a rating adviser or company 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.
Last Updated on Friday, January 10, 2025