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Business rates explained

Your business rates are worked out each year by taking a property's rateable value and multiplying it by the 'multiplier' which is a figure set by the government.

What rateable value means

All properties which aren't homes have a rateable value as a way of measuring how valuable the property is.

The rateable value is an estimate of how much yearly rent the property could earn on a particular date. The date of valuation is set by the government and is currently the 1 April 2017.

Rateable values are usually revised every five years. 

Read more about the 2017 revaluation on GOV.UK

Rateable values are calculated by the Valuation Office Agency, who are part of HM Revenues and Customs.

How the multiplier works

In 2017 to 2018 the multiplier is 47.9p.

So for example, if your rateable value was £100,000 we would multiply this by 47.9p and your bill for the year would be £47,900.

Each year on 1 April the multiplier is increased by the government and is set in line with inflation.

How the rateable value can change

The rateable value of a property may change if any physical changes are made to the building your business is in, for example if you built or demolished an extension. 

Let us know if anything changes as soon as possible as this may affect the amount you pay in business rates.

Appeal your rateable value

You have the right to appeal to the Valuation Office Agency about your rateable value if you think it's too high. You can do this even if there haven't been any changes to the property or your business.

If you want to appeal, contact the local Valuation Office Agency on 03000 501501 or by e-mail.

For more information on business rates visit  Business rates at gov.uk or read our  Business rates explanatory notes 2017 - 2018 [121KB]