We work out your annual business rates bill by multiplying the rateable value of the property by the multiplier.
The rateable value is set by the Valuation Office and is an assessment of the annual rent the property would be let for on the open market at a fixed date:
- From 1 April 2017, rateable values will be based on the valuation date of 1 April 2015
- Until 31 March 2017, rateable values will be based on a valuation date of 1 April 2008
You can check your property's rateable value with the Valuation Office Agency Opens in a new window Rateable values are normally reassessed every five years, the latest revaluation is from 1 April 2017
The multiplier is set by central government each financial year and normally changes in line with inflation.
There are two multipliers, the standard multiplier and the small business rate multiplier. The standard rate is used for all businesses with a rateable value of £51,000 or more and unoccupied (void) businesses, the small business rate is for all occupied businesses with a rateable value of under £51,000.
- Small business rate multiplier: 48.0
- Standard rate multiplier: 49.3
- Small business rate multiplier: 46.6
- Standard rate multiplier: 47.9
Small business rates supplement
If the property is occupied and has a rateable value of £51,000 or more there will be a small business rates supplement. This is calculated using the rateable value multiplied by the difference between the two multipliers.
Revaluations can result in large increases or decreases in business rates bills. Transitional adjustment helps reduce the impact by phasing in these changes over a period of time. If a transitional adjustment applies to your rates bill, it will be applied automatically.
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