Business rates are worked out based on your property’s ‘rateable value’.
You can estimate your business rates Opens in a new window by multiplying the rateable value by the correct ‘multiplier’ (an amount set by central government each year).
At revaluation Opens in a new window, the government adjusts the value of business rates to reflect changes in the property market.
It usually happens every 5 years. The most recent revaluation comes into effect in England and Wales on 1 April 2017 and is based on information collected by the Valuation Office Agency on 1 April 2015.
The revaluation does not raise any extra revenue for government, it redistributes the amount businesses pay based on the rental market changes. Some areas become more in demand so values there rise relative to the national average. In other areas demand and values fall relative to the national average.
The government adjust the multiplier so that the overall national business rates bill remains the same after revaluation as before.
Rateable values can be viewed online on the VOA website.
You can find out about the revaluation of business rates on Gov.uk Opens in a new window
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