Apart from properties that are exempt from Business Rates, each non-domestic property has a rateable value which is normally set by the valuation officers of the Valuation Office Agency (VOA), an Agency of the Inland Revenue. It draws up and maintains a full list of all rateable values, which are available on the Valuation Office website.
The rateable value of your property will be shown on the front of your bill. This broadly represents the yearly rent the property could have been let for on the open market on a particular date. For the revaluation that came into effect on 1st April 2017, this date was set as 1st April 2015.
You can search for rateable values of properties online.
The valuation officer may alter the value if the circumstances of the property have changed. The ratepayer (and certain others who have an interest in the property) can also appeal against the value shown in the list if they believe it is wrong. Further information about making appeals can be found at on the Valuation Office website.
Making an appeal against your Business Rates does not allow you to withhold payment of your Business Rates. You must continue to pay as billed. If your appeal is successful we will refund any overpaid Business Rates.
The national non-domestic rating multiplier is the rate in the pound by which, outside the City of London where special arrangements apply, the rateable value is multiplied to produce the annual rate bill for a property. It is set annually by the Government and except in a revaluation year, cannot, by law, rise by more than the amount of the increase in the retail prices index.
To calculate the gross annual rates of a property, the rateable value is multiplied by the standard rate multiplier - a sum of money that changes from year to year. As of 1 April 2018, the standard rate multiplier will be 49.3 pence in the pound. Eligible small businesses will pay the small business multiplier 48.0 pence. The standard multiplier is used for properties with a rateable value of £51,000 or above. The small multiplier is used for properties where the rateable value is below £51,000.
You can find a list of current multipliers on the Valuation Office Agency (VOA) website.