We work out your annual business rates bill by multiplying the rateable value of the property by the multiplier.
Rateable value
The rateable value is set by the Valuation Office and is an based on the annual rental value, size of the premises and, depending on the nature of the business, either the location or income:
- From 1 April 2023, rateable values will be based on the valuation date of 1 April 2021
- Until 31 March 2023, rateable values will be based on a valuation date of 1 April 2015
You can check your property's rateable value with the Valuation Office AgencyOpens in a new window Rateable values are next due to be published in April 2026 based on the valuation date of 1 April 2024.
Multiplier
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 standardrate 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.
