We calculate your business rates by multiplying the rateable value of your property by the multiplier that the government sets from 1st April each year.
The rateable value of your property is shown on the front of each bill.
Apart from properties that are exempt from business rates, each non-domestic property has a rateable value that has been set by the Valuation Office Agency (VOA).
The rateable value broadly represents the yearly rent the property could be let for on the open market on a particular date. The rateable value may also alter if the circumstances of the property have changed.
Currently the date of valuation is 1st April 2008 and this came in to effect on 1st April 2010.
From 1st April 2017, the rateable values will be based on the valuation date of 1st April 2015.
For more information on the 2017 Revaluation, rateable values and business rates go to www.gov.uk/voa/revaluation.
If you think your rateable value is incorrect, you can find and view your property details here: https://www.gov.uk/correct-your-business-rates.
National non-domestic rates multiplier
We calculate your business rates bill by multiplying the rateable value of the property by the multiplier or ‘poundage’, which the government sets from 1st April each year for the whole of England. The government normally changes the multiplier every year to move in line with inflation.
By law the multiplier cannot go up by more than the rate of inflation, except in the year of a revaluation when it is set at a level; this will keep the total amount raised in rates after the revaluation the same as before, plus inflation for that year.
The current multiplier for 2016/17 is £0.497 and for small businesses is £0.484, this figure can also be found on the front of your bill.
In the simplest scenario, a business with a rateable value of £20,000 would have a bill for £9,940 for 2016/17, which would be payable over ten months. This was calculated by multiplying the rateable value (in this case, £20,000) by the current years multiplier (£0.497).